Kai Klein - Human Capital Project

2. – Payment for labor (typically by the hour).
6. – Tax on imported goods.
7. – A country’s total economic output.
11. – A single seller that has the ability to dominate a market.
13. – Gradual rise in prices over time.
14. – The cost of borrowing money.
15. Returns – Doing 100 push-ups and after 50, each pushup takes more effort.
17. – The quantity of a good producers are willing to sell.
19. Good – A non-excludable good that is non-rivalrous.
20. Competition – If every NBA team had the same salary cap, same talent, and same playbook. No team has an edge—just like firms in this market structure!
21. – Government aid to support a business.

1. Cost – Cost of producing one more unit of a good.
3. – A side effect of a transaction that affects others.
4. Cost – Cost of the next best thing.
5. – Revenue-cost.
8. – A consumers willingness and ability to buy a good or service.
9. – Buyers and sellers interacting.
10. – Quantity supplied=quantity demanded.
12. – How demand changes with price.
16. Equilibrium – A situation where no player has an incentive to change their strategy.
17. – Limited resources vs. unlimited wants.
18. Discrimination – Charging different prices to different consumers for the same good based on willingness to pay.