Economics

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  • Created by: anumi789
  • Created on: 03-04-14 12:31
Specialisation
a system of organisation where economic units such as household and nations are not self-sufficient but concentrate on producing certain goods and services and trading the surplus with others.
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Tertiary sector
production of services
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Base period
the period, such as a year or a month, with which all other values in a series are compared.
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Command or planned economy
an economic system where government, through a planning process, allocates resources in society.
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Consumer surplus
the difference between how much buyers are prepared to pay for a good and what they actually pay
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Producer surplus
he difference between the market price which firms receive and the price which they are prepared to supply
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Elastic demand
where the price elasticity of demand is greater than 1. The responsiveness of demand is proportionally greater
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Inelastic demand
where the price elasticity of demand is less than 1. The responsiveness of demand is proportionally less than the change in price. Demand is infinitely inelastic if price elasticity of demand is zero.
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Unitary elasticity
where the value of price elasticity of demand is 1. The responsiveness of demand is proportionally equal to the change in price.
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Cross elasticity of demand
a measure of the responsiveness of quantity demanded on one good to a change in price of another good
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Income elasticity of demand
a measure of the responsiveness of quantity demanded to a change in income.
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Price elasticity of supply
a measure of the responsiveness of quantity supplied to a change in price.
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Giffen good
a special type of inferior good where demand increased when price increases.
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Other cards in this set

Card 2

Front

production of services

Back

Tertiary sector

Card 3

Front

the period, such as a year or a month, with which all other values in a series are compared.

Back

Preview of the back of card 3

Card 4

Front

an economic system where government, through a planning process, allocates resources in society.

Back

Preview of the back of card 4

Card 5

Front

the difference between how much buyers are prepared to pay for a good and what they actually pay

Back

Preview of the back of card 5
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