OCR AS Micro economics key terms definitions

To help learn definitions 

Some revision notes to help http://getrevising.co.uk/resources/entire_micro_unit_1_f581_markets_in_action_revision_notes

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G J P B H Q M R N O E E P F L X D V G B X
I E M F F S S H O N C Q W L S M V V I Y C
B V W M E T O M I C O C L T D A L D A B W
U L N S W P A J T F N W V S O R P C N W I
S U K U A J F V C O O A P O O K P A F B J
U V P L Y R E J U S M Y U C G E C D S R M
L K O P U F S K D T I V B Y E T Y U S M Q
P L W R Y B H Q O J C U L T T F Q G D H D
R J K U G K A Y R D P V I I A A S M O X K
U W O S S F D H P D R V C N V I Q N O I S
S H L R T X O O F N O F G U I L N Y G C E
R H Y E T E W E O N B A O T R U D A T S U
E P I C E B P X S E L D O R P R P O I Q T
M A G U P E R A R Y E H D O H E I R R A T
U G K D D T I Q O B M D S P T T W F E O F
S B V O Q N C F T R B H N P Q Y I U M A K
N C Q R R S I K C X W I L O A M U I E E B
O R T P K V N M A Y V A F U U U C K D F C
C J M O N W G Y F W S V P B A Y E R I S O
H G N F N L K K Q W L N Y D O D F Q U S N
T O V D A N Y S M U L U L N J I S K G S W

Clues

  • Goods not provided in a free market (6, 5)
  • Goods that are excludable , have rivalry in consumption and rejectablity (7, 5)
  • Land, Labour, Capital and Enterprise (7, 2, 10)
  • Putting a monetary value on an externality (6, 7)
  • Scarce recourses and infinite wants (8, 7)
  • Socially undesirable goods (7, 5)
  • The difference between the price consumers are willing and able to pay and the price actually paid (8, 7)
  • The difference between the price producers are willing to sell at and the price actually sold at (8, 7)
  • The next best alternative forgone for the option chosen (11, 4)
  • When markets fail to deliver efficiency (6, 7)

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