A Levels Economics (Microeconomics) Flashcards on Definitions, created by Sophie Marshall on 24/03/2014.
|
Created by Sophie Marshall
over 10 years ago
|
|
Close
|
|
Created by Sophie Marshall
over 10 years ago
|
|
Profit
Opportunity cost
Economic goods
Free goods
Factor market
Renewable resources
Free market economy
PPB
Productive efficiency
Allocative efficiency
Productivity
Human capital
Division of labour
Specialisation
Value judgements
Normative statements
Positive statements
Demand
Effective demand
Market demand
Contractions in demand
Extensions in demand
Normal goods
Inferior goods
Complementary products
Composite demand
Supply
Planned supply
Actual supply
Market supply
Extension in supply
Contraction in supply
Joint supply
Equilibrium
Disequilibrium
Excess supply
Market-clearing price
Excess demand
Maximum price
Minimum price
Price elasticity of demand
Subsidies
Incidence of tax
Price elasticity of supply
Income elasticity of demand
Normal goods
Inferior goods
Substitutes
Commodity
Investment good
Sustainable
Market failure
Government failure
Buffer stocks
Inflationary pressure
Negative externalities
Production
Fixed costs
Variable costs
Economies of scale
Diseconomies of scale
Competition
Externalities
Marginal private cost
Marginal external cost
Marginal social cost
Marginal private benefit
Marginal external benefit
Positive externality
Marginal social benefit
Ex ante
Ex post
Merit good
Failure of information
Partial market failure
Demerit good
Public good
Free-rider problem
Quasi-public good
Private good
Complete market failure
Occupational immobility
Geographical immobility
Income
Wealth
Indirect tax
Pollution permit
Law of unintended consequences
Inflation
