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Erstellt von Amy Blakeman
vor mehr als 8 Jahre
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Frage | Antworten |
Positive Statement | An assertion or a fact- it can be proved or disproved |
Normative Statement | A value or a judgement which cannot be tested true or false |
Opportunity Cost | The cost of any choice in terms of the next best alternative foregone |
Production Possibility Frontier | The different combinations of goods and services that can be produced with a given amount of resources |
Demand | The quantity that purchasers are willing and able to buy at a given price in a given period of time |
Derived Demand | The demand for a factor of production used to produce another good or service |
Composite Demand | Where goods have more than one use |
PED | How responsive demand is to a change in price |
YED | How responsive the demand for a product is to a change in real income |
Division of Labour | The breaking down of the production of a product into a number of separate tasks and allocating each worker to one task |
XED | The responsiveness of demand for good X following a change in the price of a related good Y |
Supply | The quantity of a good or service that a producer is willing and able to supply onto the market at a given price in a given period |
PES | The responsiveness of quantity supplied to a change in price |
Diminishing Marginal Utility | Describes the situation where an individual gains less additional utility from consuming a product, the more of it is consumed |
Normal Good | One where the quantity demanded increase in response to an increase in consumer incomes |
Inferior Good | One where the quantity demanded decreases in response to an increase in consumer incomes |
Consumer Surplus | A measure of the welfare that people gain from consuming goods and services |
Producer Surplus | The difference between the price producers are willing and able to supply a good or service for and the price they actually receive |
Indirect Taxes | A tax levied on expenditure on goods or services |
Subsidies | A grant given by the government to producers to encourage production of a good or service |
Allocative Efficiency | Achieved when society is producing an appropriate bundle of goods relative to consumer preferences |
Asymmetric Information | A situation in which some participants in a market have better information about market conditions than others |
Ceteris Paribus | Other beings equal |
Command Economy | An economy in which decisions on resource allocation are guided by the state |
Competitive market | A market in which individual firms cannot influence the price of the good or service they are selling, because of competition from other firms |
Externalities | Spill-over effects from production and consumption for which no appropriate compensation is paid/received |
Market Failure | When the price mechanism meads to an inefficient allocation of resources and a deadweight loss of economic welfare |
Marginal Social Benefit | The additional benefit that society gains from consuming an extra unit of a good |
Marginal Social Cost | The cost to society of producing an extra unit of a good |
Market Economy | An economy in which market forces are allowed to guide the allocation of resources |
Merit good | A good that brings unanticipated benefits to consumers, such that society believes it will be under consumed in a free market |
Mixed Economy | An economy in which resources are allocated partly through price signals and partly on the basis of intervention of the state |
Public Goods | A good that is non-exclusive and non-rivalrous in consumption |
Quasi Public Good | A quasi public good is a near-public good. They are semi-non rival and semi-non exclusive |
Free Rider Problem | When an individual cannot be excluded from consuming a good, and thus has no incentive to pay for its provision |
Minimum Price | A price floor for a market- suppliers cannot sell the product legally at a lower price |
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