1st set of words.

Question 1

Satiate

Answer 1

satisfy

Question 2

Util

Answer 2

a measure of utility

Question 3

Monopsony

Answer 3

power of being the only buyer

Question 4

Firm

Answer 4

business or organization

Question 5

Monopoly

Answer 5

power of being the only seller

Question 6

Risk perception

Answer 6

how our experiences impact how we value risk

Question 7

Assumptions

Answer 7

an abstraction that simplifies a scenario

Question 8

Unjust outcomes

Answer 8

unfair outcomes due to inequality of the implementation of rules

Question 9

Strong assumptions

Answer 9

unrealistic assumptions (weak assumptions are more realistic); to relax assumptions we go from strong to weak assumptions

Question 10

Consumption

Answer 10

the act of deriving utility

Question 11

Marginal utility

Answer 11

additional increment of utility associated with consuming one more unit of a good or service

Question 12

Margin

Answer 12

in a succession of units, the specific unit you are focusing on

Question 13

Total utility

Answer 13

the total satisfaction derived from consuming a specific quantity of a good or service; the total of marginal utilities for all individual units consumed

Question 14

Oligopoly

Answer 14

a market characterized by a small number of firms who realize they are interdependent in their pricing and output policies

Question 15

Specialization

Answer 15

individuals dividing up labor within/across trades

Question 16

Division of labor

Answer 16

increases productivity as individuals are better able to become more dexterous when they focus on one task

Question 17

Supply

Answer 17

(S) the quantity supplied at certain prices; different than quantity

Question 18

Demand

Answer 18

(D) attitude of those in the market buying

Question 19

Elasticity

Answer 19

amount that demand responds to market conditions

Question 20

Inelastic

Answer 20

insignificant change in demand regardless of market conditions