Economics MICRO key words
- Created by: NiamhMckenzie
- Created on: 12-04-17 14:05
| U | H | Y | Y | E | P | V | K | H | S | E | B | Y | I | J | P | B | B | N | B | O |
| N | W | T | L | L | O | H | Y | I | T | D | K | C | N | F | H | K | S | O | T | K |
| X | H | I | I | A | S | D | C | T | A | P | X | N | F | P | Q | Y | K | I | U | B |
| X | H | L | H | C | I | T | N | A | T | O | Q | E | O | E | U | T | R | T | G | Y |
| B | R | I | R | S | T | G | E | N | I | U | D | C | R | Y | O | Y | H | C | J | W |
| U | Y | A | T | F | I | B | I | D | C | H | B | I | M | G | Q | N | S | N | L | Q |
| I | D | N | D | O | V | C | C | R | E | D | H | F | A | N | V | T | Q | U | D | W |
| G | H | O | X | S | E | B | I | U | F | S | T | F | T | F | H | X | R | F | B | S |
| I | Y | I | Y | E | S | A | F | N | F | J | O | E | I | U | B | H | Q | E | W | G |
| D | Y | T | E | I | T | S | F | C | I | A | Y | E | O | B | Y | L | R | V | C | U |
| X | I | A | W | M | A | F | E | O | C | L | O | V | N | L | T | V | X | I | C | J |
| X | Q | R | T | O | T | V | C | M | I | L | M | I | F | R | P | X | Q | T | U | P |
| F | M | D | Q | N | E | M | I | P | E | X | C | T | A | I | Q | L | N | N | X | W |
| V | A | E | J | O | M | F | M | E | N | B | R | C | L | K | D | W | B | E | A | A |
| G | X | D | O | C | E | M | A | T | C | Y | E | U | I | Q | B | Y | A | C | K | X |
| A | W | N | E | E | N | F | N | I | Y | L | T | D | U | W | O | R | J | N | U | B |
| A | T | U | J | K | T | J | Y | T | M | H | G | O | R | B | Q | U | X | I | T | L |
| P | R | O | D | U | C | T | D | I | F | F | E | R | E | N | A | T | I | O | N | N |
| Q | Q | B | T | A | Q | S | S | O | T | M | L | P | W | K | R | I | D | S | U | S |
| R | W | X | L | R | W | K | J | N | B | L | R | W | W | C | I | G | X | D | U | C |
| N | C | R | K | F | V | U | V | V | V | E | E | U | G | V | I | B | P | H | E | W |
Clues
- a source of market failure where market participants do not have neough information to be able to make a effective judgement about the 'correct' levels of consumption and production of a good (11, 7)
- an objective statemnet that CAN BE TESTED against the facts to be decalred either true or false. (8, 9)
- efficiency measured at a point in time, comprising of productive effuciency and allocative efficiency (6, 10)
- improvemnets in productive effciency over time (7, 10)
- in a constestable market, where new entrants take a share of the super normal profit and then exist the industry (3, 3, 3, 11)
- prices create an incentive for market participants to change actions e.g if price is high and therfore profits are high it would act as an incentive for supply to increase (9, 8)
- the reduction in average total costs a firm experiences by increasing output in the long run (9, 2, 5)
- uisng advertising or product design to make a product seem diffrent from those of competitors (7, 13)
- When maximum output is produced from the available FoP and when it is not pssoible to produce more of one good or service without producing less of another (10, 9)
- When people try to behave rationally but they are restricted by factors such as lack of time to make a decison. (7, 12)
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