What is Privatisation?
Government selling industries from public into private.
Government buys businesses.
Action used for higher profits.
Colombia has the longest ongoing civil war of the globe. What type of statement is this?
Negative
Normative
Positive
What is
Normal Profit earned by a industry.
Total revenue minus explicit costs.
revenue minus implicit and explicit costs.
What are implicit costs?
Monetary costs.
Opportunity costs forgone.
The cost of exiting an industry.
What does the law of demand state?
The inverse relationship between price and quantity demanded.
Demand is how much people want of a certain good.
The opposite of supply.
What are subsidies?
Money given to a company by the government as a gift.
Money with a low interest rate.
Money granted by the government to help an industry so that the price of a good to remain low or competitive.
What is equilibrium in economics?
Balance
Market cleaning point where there are no excesses or shortages.
The place in the middle.
What does it mean when the answer for an XED question is negative?
Goods are complementary
Goods are supplementary
Goods are Inelastic.
What does YED stand for?
Elasticity
Income Elasticity of demand
Quantity of Elasticity Demanded
Which is not a reason for why PES is elastic in SR
Stock
Time
Dependency
