1. Microeconomics

2. Flow of all goods and services within an economy
Circular Flow

3. Market where all resources (factors of production) are sold
Factor Market

4. Market where all goods and services are sold
Product Market

5. Law that says as prices rise, the quantity demand will fall and vise versa
Law of Demand

6. Total amount consumers will purchase at all possible prices
Demand

7. Single amount consumers will purchase at a single price
Quantity Demand

8. Determinants of Demand
Income N
Number of consumers S
Price of substitute goods E
Future price expectations C
Price of complementary goods T
Taste and preferences

9. Increases in Demand P D2 D Q

10. Decreases in Demand P D D2 Q

11. Law that says as prices rise, the quantity supplied will rise and vise versa
Law of Supply

12. Total amount producers will provide at all possible prices
Supply

13. Single amount producers will provide at a single price
Quantity Supply

14. Determinants of Supply
Cost of resources O
Profit opportunity other goods T
Technology T
Taxes and Subsidies E
Future Price expectations N
Number of sellers

15. Increases in Supply P S S2 Q

16. Decreases in Supply P S2 S Q

17. Market clearing price and quantity where supply and demand are equal
Equilibrium

18. P S P* D Q Q*

19. Government imposed price control; maximum price that can be charged
Price Ceiling

20. P S P* PC D Q Q*

21. Government imposed price control; minimum price that can be charged
Price Floor

22. P S PF P* D Q Q*

23. Temporary condition where QD is greater than QS (not enough available)
Shortage

24. Temporary condition where QS is greater than QD (too much available)
Surplus

25. Consumers sensitivity to changing prices
Elasticity

26. Consumers are very sensitive to prices
Elastic Demand

27. Consumers are not sensitive to prices
Inelastic Demand

28. Good that consumers will purchase more of as income increases
Normal Good

29. Good that consumers will purchase less of as income increases
First image to come up on google!!!
Inferior Good

30. Market structure with many sellers and identical goods, no control over prices
Perfect Competition

31. Monopolistic Competition
Market structure with many sellers and similar goods, some control over prices
Monopolistic Competition

32. Market structure with a few large sellers and identical or similar goods
Oligopoly

33. Market structure with one seller and a unique good/service
Monopoly

34. Type of business owned by one person
Sole Proprietorship

35. Type of business owned by 2 or more people
Partnership

36. Type of business owned by stockholders
Corporation

37. Money earned by businesses from sales or earned by governments from taxes
Revenue

38. Responsibility for all actions
Liability