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Microeconomics and Behaviour
Microeconomics and Behaviour
Robert H. Frank, Cornell University
Ian C. Parker, University of Toronto
Capital

Below are the key terms featured in this chapter. Clicking on a term will reveal its definition. The textbook's full glossary is also available for online searching.
 
Economic rent  The difference between what a factor of production is paid and the minimum amount necessary to induce it to remain in its current use.
Peak-load pricing  The practice whereby higher prices are charged for goods or services during the periods in which they are consumed most intensively.
Risk premium  A payment differential necessary to compensate the supplier of a good or service for having to endure risk.
Technological obsolescence  The process by which a good loses value not because of physical depreciation, but because improvements in technology make substitute products more attractive.




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