Flashcards
Micro Economics (General)
Cards in this deck (6)
- 1adverse selectiona situation in which a person at risk is more likely to take out insurance
- 2allocative efficiencyachieved when society is producing an appropriate bundle if goods relative to consumer preferences
- 3Cartelan agreement between firms in a market on price and output with the intention of maximising their joint profits
- 4ceteris paribusa latin phrase meaning 'other things being equal' when looking at one variable with otjer influences equal
- 5command economyan economy where decisions on resource allocation are made by the state
- 6comparative static analysiseffect on equlibrium of a change in the external conditions affecting a market
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- Deleted user · Nov 2016
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- Dec 1, 2016
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- Created by Fyu Vb · Mar 26, 2016
- Copied by Tariq hudda · Nov 30, 2016
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