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24 Cards in this Set

  • Front
  • Back

Ad valorem tax?

An indirect tax based on a percentage of the sales price of a good or service

Allocative efficiency?

Price = marginal cost

Asking price?

The price at which a security, commodity or currency is offered for sale on the market- generally the lowest price the seller will accept

Asymmetric information?

When somebody knows more than somebody else in the market.

Automation?

Production technique that uses capital machinery/ technology to replace or enhance human labour and bring about a rise in productivity

Automation?

Production technique that uses capital machinery/ technology to replace or enhance human labour and bring about a rise in productivity

Buyers market

A market that favours buyers because supply is plentiful relative to demand and therefor e prices are low

By product

Something produced as a consequence of producing another good or service

Capacity utilisation

The extent to which a business is making full use of a existing factor resources

Capital goods

Factories, machinery and equipment are not useful not in themselves but for the goods and services they ca help produce in the future

Collusion plans

It is any explicit or implicit agreement between suppliers in a market to avoid competition.

Command economy

Economic system where resources are allocated by the government

Common resources

Goods or services that have characteristics of rivalry in consumption and no excludability

Complements

Two complements are said to be in joint demand

Composite demand

Where goods or services have more than one use so that an increase in the demand for one product leads to a fall in supply for another

Average cost?

Total cost divided by the number of units of the commodity produced

Average fixed cost?

Average fixed costs are total fixed costs divided by the number of units of output, that is, fixed cost per unit of output

Barriers to entry?

Factors making it expensive for new firms to enter in a market

Barter

Exchanging good or service for another without using money

Behavioural economics

Branch of economics that studies the impact of psychological and social factors on economic decision making

Black market?

An illegal market in which the market price is higher than a legally imposed price ceiling.

Brand

Distinctive product created by the use of the logo, symbol, name, design or packaging

Buffer stock?

They seek to stabilise markets price of agricultural products by buying up supplies of the product when harvests are plentiful and selling stocks of the product onto the market when supplies are low

Bulk buying

The purchase by firms to buy stock in large quantities of a product or raw material which often lowers price