Competency 5 OA Review C211 Econ

Points Q1 and Q2 are positioned on the Q-axis.

Points P0 through P4 are positioned on the P-axis.

A coordinate axis representing points Q1 and Q2 and other relevant points in a graph.

A coordinate axis representing points P0, P1, P2, P3, and P4 and other relevant points in a graph.

Points are plotted on a coordinate system (axes) in the given graph.

The area representing consumer surplus when the price is P3.

The parts of the graph formed by the vertices (0, P 4), (Q 2, P 2), (Q 2, 0), and (0, 0).

The separate triangles and rectangles within the trapezoid. Each region has a specific set of vertices.

Area formed by the vertices defined for regions A,B and C. (0, P4), (Q1, P3), (0,P3) , (0,P3), (Q1,P3), (Q1, P2), (0,P2) , (Q1, P3), (Q2, P2), (Q1, P2).

The area formed by the vertices defining regions D, H and F. (0, P2), (Q1, P2), (Q1, P1), (0, P1) , (Q1, P2), (Q2, P2), (Q1, P1) , (0,P1), (Q1, P1), (0,P0)

Combining areas of regions A,B,C,D,H and F. A comprehensive region.

The benefit consumers receive when the price they pay is less than the maximum price they are willing to pay.

A specific price point.

The amount of a particular good or service that a typical urban household buys.

A typical family living in a city.

A specific point on the P-axis (horizontal axis) of the graph.

A specific point on the P-axis (horizontal axis) of the graph, located to the right of P0.

A specific point on the Q-axis (vertical axis) of the graph.

A specific point on the Q-axis (vertical axis) of the graph, located above Q1.

A symbol representing a specific concept or value.

A symbol representing a specific concept or value.

A symbol representing a specific concept or value.

A complex variable or data representing the sum of variables.

A symbol representing data or variables in a system.

Data that can change or vary.

Symbol to denote addition.

Codes used to represent concepts or data within an organized system.

A country has a comparative advantage in producing a good if it can produce that good at a lower opportunity cost than another country.

The value of the next best alternative forgone when making a choice.

Actions taken by governments to influence economic activity, such as taxation, spending, and regulation.

The exchange of goods and services between individuals, businesses, or countries.

Focusing on the production of specific goods or services where a country has a comparative advantage.

The benefits that arise from specialization and trade, leading to greater overall consumption and welfare.

Trade between countries without government restrictions or barriers.

Government policies that restrict international trade, such as tariffs and quotas.

The difference between the total amount producers receive for a good or service and the minimum amount they are willing to accept. It represents the benefit producers gain from selling at a market price higher than their minimum acceptable price.

The point where supply and demand curves intersect, representing the price and quantity at which the quantity supplied equals the quantity demanded. The market is in balance, with no shortage or surplus.

The sum of consumer surplus and producer surplus. It represents the overall welfare or benefit generated by the market.

The loss in total surplus that occurs when the market is not in equilibrium. It arises when there is either a shortage or a surplus of a good or service.

A graphical representation of the relationship between the price of a good or service and the quantity demanded by consumers. It slopes downwards, indicating that as price increases, the quantity demanded decreases.

A graphical representation of the relationship between the price of a good or service and the quantity supplied by producers. It slopes upwards, indicating that as price increases, the quantity supplied increases.

A measure of the responsiveness of the quantity demanded of a good or service to changes in its price. It indicates how much the quantity demanded changes for a given percentage change in price.