Fichas
How markets work defenitions
Fichas del conjunto (25)
- 1Utilitylevel of satisfaction a consumer receives from the consumption of a product or service
- 2Demandhow much is demanded at each price over a certain period of time
- 3Price Elasticity Of Demand (PED)measures the sensitivity of the quantity demanded of a product to a change in its own price
- 4Total revenuevalue of goods sold by a firm - calculated by Price x Quantity (PXQ)
- 5Cross Elasticity Of Demand (XED)the sensitivity of demand for one product to a change in the price of another product
- 6Income Elasticity of Demand (YED)sensitivity of demand for a product to change in real income
- 7Price Elasticity Of Supply (PES)sensitivity of supply of a product to a change in its price
- 8XED formula
- 9PED formula
- 10YED formula
- 11PES formula
- 12Supplyhow much is supplied at each price over a certain period of time
- 13Short runat least 1 fixed factor of production
- 14Long runall factors of production can be varied
- 15EquilibriumWhen Supply and Demand curves cross
- 16Excess supplywhen the quantity supplied is greater than the quantity demanded at the existing price
- 17Excess demandWhen the quantity demanded is greater than the quantity supplied at the existing price
- 18Consumer surplusthe difference between how much consumers are willing to pay and how much consumers actually pay for a product
- 19Producer surplusthe difference between the cost of supply and the price received by the producer for a product
- 20Indirect taxestaxes on expenditure
- 21Ad Valorem taxesa percentage of the price of the product
- 22Specific taxesa set amount per unit of the product
- 23Incidence of taxhow the burden of a tax is distributed between different groups - producers and consumers
- 24Subsidya grant from the government which has the effect of reducing costs of production
- 25Behavioural economicsa method of economic analysis that applies psychological insights into human behaviour to explain economic decision-making
Información
- Descripción
- 1.2 Mirco AS level How markets work defenitions - Edexcel
- Creado por
- Jesse McNab
- Visitas
- 49
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