Flashcards
Micro Economics (General)
Flashcards do conjunto (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