42819
Markets in
Action
- Supply and Demand
- supply
- Shifted by
- availability of recources
- Price of resources
- availability of recources
- Shifted by
- demand
- Tastes and fashions
- price of substitutes
- Price of complements
- incomes
- Tastes and fashions
- supply
- Factors of production
- Land
- Natural resources
- Natural resources
- Labour
- employees
- employees
- Capital
- Machinery
- Machinery
- enterpise
- Initial investment
- Initiative
- Initial investment
- Land
- Elasticities
- price elasticity of supply
- Responsiveness of quantity supplied
to a change in price
- percentage change of quantity supplied
/percentage change in price
- Responsiveness of quantity supplied
to a change in price
- Price elasticity of demand
- Responsiveness of demand to a
change in price
- percentage change of quantity demanded
/percentage change in price
- Responsiveness of demand to a
change in price
- Cross elasticity of demand
- Responsiveness of demand for one
product to a change in price of another
- percentage change of quantity demanded of product A
/percentage change in price of product B
- Responsiveness of demand for one
product to a change in price of another
- Income elasticity of demand
- Responsiveness of
demand to a change in
incomes
- percentage change of quantity demanded
/percentage change in income
- Responsiveness of
demand to a change in
incomes
- price elasticity of supply
- Specialisation
- division of labour
- people get better at jobs
- division of labour
- Efficiency
- Productive
efficiency
- Where production takes place
using the least amount of
scarce resources
- Allocative efficiency
- economic efficiency
- Where both productive and
allocative efficiency are acheived
- Where both productive and
allocative efficiency are acheived
- Where consumer
satisfaction is maximised
- economic efficiency
- Productive
efficiency
- Costs
- Private costs
- Costs to the
individual of an
action
- Costs to the
individual of an
action
- external costs
- Costs on a third party
- Costs on a third party
- Social costs
- Total cost of an action
- Total cost of an action
- Negative extonality
- When the social cost
outweighs the private cost
- When the social cost
outweighs the private cost
- Demerit goods
- Their
consumption
is more
harmful than
realised
- Their
consumption
is more
harmful than
realised
- Private costs
- Failures
- Government Failure
- Where a government
fails to correct market
failure
- Where a government
fails to correct market
failure
- Information Failure
- Where a lack of
information causes
consumers and
producers to make
bad decisions
- Where a lack of
information causes
consumers and
producers to make
bad decisions
- Market failure
- Where the markets fail to
achieve economic effiiciency
- Where the markets fail to
achieve economic effiiciency
- Government Failure
- Public goods
- Goods that are collectively
consumed and have non-rivalry
and non-excludability
- Free riders
- A problem of public
goods. A person who
benefits but does not
provide.
- A problem of public
goods. A person who
benefits but does not
provide.
- Goods that are collectively
consumed and have non-rivalry
and non-excludability
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