All the definitions from the Edexcel Student Unit Guide.
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Criado por tyrasirandula
mais de 12 anos atrás
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Criado por tyrasirandula
mais de 12 anos atrás
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Scarcity
Opportunity Cost
A renewable source
A non-renewable source
PPF
Factors of production
Specialisation
Division of labour
Free market economy
Mixed economy
A positive statement
A normative statement
Market
Demand
PED
Total Revenue
XED
Substitute goods
Complimentary goods
YED
Normal goods
Inferior goods
Supply
PES
Equilibrium
Consumer surplus
Producer surplus
Price mechanism
A direct tax
An indirect tax
Subsidy
Derived demand
National Minimum Wage
Market Failure
Externalities
Private costs
Social costs
External costs
External benefits
Private benefits
Social benefits
Triangle of welfare loss
Triangle of welfare gain
Public goods
Non-rival
Non-excludability
Mobility of labour
Geographical immobility
Occupational immobility
Commodities
Emission Trading System
Buffer stock schemes
Government failure
