Economics (Micro-economics) Flashcards on F581 - Markets In Action, created by Azra Kucukkaramu on 04/20/2013.
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Created by Azra Kucukkaramu
about 11 years ago
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Economics
Microeconomics
Household
Goods
Services
Economic problem
Scarcity
Factors of production
Factor rewards/ Factor income
Land
Labour
Capital
Enterprise
Entrepreneur
Want
Need/ basic needs
Economy/ Economic system
Free market economy (Capitalist system)
Command economy (centrally-planned economy)
Mixed economy
Opportunity cost
Production Possibility Curve (PPC)
Trade-off
Specialisation
Division of labour
Exchange
Productivity
Nationalisation
Privatisation
Market
Demand
Notional demand
Effective demand
Supply
Determinant of demand
Determinant of supply
Demand curve
Demand schedule
Supply curve
Supply schedule
Ceteris paribus
Equilibrium (market clearing)
Equilibrium price
Equilibrium quantity
Glut (excess supply)
Shortage (excess demand)
Normal good
Inferior good
Substitute good
Complementary good
Producer surplus
Consumer surplus
Subsidy
Indirect tax
Minimum price
Maximum price
Elasticity of demand
Elasticity of supply
Cross Elasticity of Demand (XED)
Income Elasticity of Demand (YED)
Price Elasticity of Demand (PED)
Elastic
Inelastic
