CAPITAL INTENSIVE

CONSUMER SOVEREIGNTY

CONTRACTION IN DEMAND

DERIVED DEMAND

CONTRACTION IN SUPPLY

CROSS ELASTICITY OF DEMAND

EQUILIBrium

ECONOMIC EFFICIENCY

ECONOMIC SYSTEM

EFFECTIVE DEMAND

EFFICIENCY MAXIMISATION

BARTER

ECONOMIC AGENTS

ECONOMIC GOOD

DOUBLE COINCIDENCE OF WANTS

EQUILIBRIUM PRICE

EQUILIBRIUM OUTPUT

DIVISION OF LABOUR

ALLOCATIVE EFFICIENCY

COMMODITIES

DEMERIT GOOD

DISEQUILIBRIUM

ELASTICITY

ALLOCATIVE EFFICIENCY OUTPUT

CETERUS PARIBUS

COMMAND ECONOMY

CONSUMER SURPLUS

DIRECT TAXES

ASYMMETRIC INFORMATION

MIXED ECONOMY

MARKET ECONOMY

MICRO DEFINITION

INFERIOR GOODS

CHANGE IN DEMAND

FACTORS OF PRODUCTION

DEMAND

BENEFITS OF SPECIALISATION

MARKET

PRICE SYSTEM

INFORMATION FAILURE

ARITHMETIC MEAN

MARKET FAILURE

EXTERNAL COSTS

EXTERNALITY

MERIT GOODS

ASYMMETRIC INFORMATION

REGRESSIVE TAX

FREE MARKET MECHANISM

PROGRESSIVE TAX

POSITIVE EXTERNALITY

NON RIVALRY

INDIRECT TAXES

NEGATIVE EXTERNALITY

TRADABLE PERMIT

PUBLIC GOODS

QUASI PUBLIC GOODS

NON-EXCLUDABILITY

EXTERNAL BENEFITS

BUFFER STOCKS

EXTENSION IN DEMAND

COSTS

DEMAND CURVE

INTERPRETING XED
- indications of positive XED

INTERPRETING XED
- indications of negative XED

EVALUATING ELASTICITIES

INTERPRETING YED
-elastic
-inelastic
-perfectly inelastic

INTERPRETING PED
-elastic
-inelastic
-unit elasticity