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23 Cards in this Set

  • Front
  • Back

Average costs

Cost per unit output - total costs over a period of time divided by quality produced

Average review

Money gained per unit sold

Consumption

The purchase/use of a good our service

Cross elasticity of demand

A measure of how quantity demanded off one good our service changes sure to a change of outside of another good

Equilibrium

A market for a product is in equilibrium when the quality supplied is equal to the quantity demanded

Factors of production

These are for inputs to create what people want: land, Labour, capital and enterprise

Free rider problem

Once a public good is provided it is impossible form excluding them from consuming it, even if they haven't paid for it

Government failure

When governor observation into a market causes a musician of resources

Market failure

This is where the price mechanism fails to allocate resources efficiently

Merit good

A good our service that provides greater social benefits when it is consumed then private benifits

Monopoly power

The ability of a form to be a price marker and influence the price of a particular good in a market

Natural monopoly

An industry where economies of scale are so large that costs can only be efficient for one single provider

Opportunity costs

The benefit that is given up in order to do something else - the cost of the choice what is made

Perfect information

This is where buyers and sellers have fill knowledge if prices, costs, benefits and availability of products

Price elasticity of demand

A measure of how much the demand of a good changes due to a change in price

Price elasticity of supply

How much quantity of a good changes due to a change in price of the good

Price mechanism

When changes in demand or supply of a good leads to changes in its price and quantity bought and sold

Producer surplus

When a producer revived more for a good then they were prepared to accept

Specialisation

When people our countries are doing what they are best or most efficient at

Subsidy

An amount of money paid to a supplier by the government in order to reduce the costs of production and increase supply to then decrease price and increase overall output

Tax

An amount of money paid to the government to increase costs of production and decrease overall supply

Total costs

All costs involved inputs to make the input a form is currently creating

Total review

Total amount of money gained by a firm at a particular output