Economics

aggregate demand aggregate supply agricultural allocation American amount average bank behavior budget capital carrots cause Chapter commodity consumers consumption cost curve decisions decrease demand curve disposable income dollars earn economic economists effect efficient elasticity of demand employment example expenditure factors of production fall farm farmers federal Figure firm's firms fluctuations growth households housing hypothesis important income elasticity increase indifference curve individual industry inelastic inflation interest rates investment labor less long-run macroeconomics mand marginal cost marginal utility measure ment million monopolist monopoly national income oligopoly OPEC opportunity cost output payments percent perfect competition poverty predict price discrimination price level problem profits purchase quantity demanded quantity supplied reduce relative rent controls result revenue rise sector sell sellers shift short-run shortage sold spend SRAS curve supply curve surplus theory tion union unit variable wage workers