Karteikarten
Unit 1 Keywords
Karten in diesem Stapel (29)
- 1ScarcitySituation in which people have unlimited wants with limited resources
- 2Opportunity CostThe cost of the next best alternative forgone
- 3Market equilibriumwhen the price is such that the quantity that consumers wish to buy is balanced by the quantity that firms wish to supply
- 4elasticitya measure of the sensitivity of one variable to changes in another
- 5Price elasticity of demanda measure of the sensitivity of QD to a change in the price of a good
- 6income elasticity of demanda measure of the sensitivity of quantity demanded to a change in consumer incomes
- 7cross price elasticity of demandthe sensitivity of quantity demanded of a good to a change in the price of another good
- 8price elasticity of supplythe sensitivity of the quantity supplied to a change in price
- 9consumer surplusvalue that consumers gain from consuming a good or service over the price paid
- 10producer surplusthe difference between the price and received by a firm for a good and the price that they would have been prepared to supply the good at
- 11marginal costthe cost of producing an additional unit of output
- 12productive efficiencywhen a firm operates at minimum cost and maximum product output
- 13allocative efficiencywhen society produces an appropriate bundle of goods relative to consumer preferences
- 14technical efficiencygaining maximum possible output from a given set of inputs
- 15cost efficiencythe best combination of inputs of factors of production given the relative prices of those factors
- 16Market failurewhen there is not an optimal allocation of resources
- 17externalitya cost or benefit that is not reflected in the market price of a good
- 18private costincurred by an individual as part of its economic activity
- 19external costborne by a third party
- 20private goodconsumed by one person only
- 21public goodnon-exclusive and non-rivalrous
- 22free riderwhen an individual cannot be excluded from consuming a good and therefore doesn't pay for its provision
- 23Merit goodbrings unanticipated benefits to consumers
- 24demerit goodhas more negatives than realised
- 25asymmetric informationwhen some people in the market have better information about market conditions than others
- 26government failuremisallocation of resources from government intervention
- 27indirect taxtax levied on goods. VAT
- 28Incidence of taxthe tax is split between the buyer and the seller
- 29subsidya government grant given to producers to encourage supply
Informationen
- Beschreibung
- Karteikarten am Unit 1 Keywords, erstellt von sarahsing am 26/04/2014.
- Erstellt von
- sarahsing
- Aufrufe
- 135
- Tags
- Bewertung