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GCSE
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More cards in this set
Card 16
Front
Define normative economics?
Back
Card 17
Front
Define consumer surplus?
Back
Card 18
Front
Define producer surplus?
Back
Card 19
Front
What 3 devices could the price mechanism be seen as?
Back
Card 20
Front
What is a direct tax?
Back
Card 21
Front
What is an indirect tax?
Back
Card 22
Front
Define Total Revenue?
Back
Card 23
Front
At what point is Total Revenue maximised?
Back
Card 24
Front
What is the substitution effect?
Back
Card 25
Front
What is the income effect?
Back
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