key word 3rd set of 12

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  • Created by: inayah
  • Created on: 26-03-14 18:44
Equilibrium price
the price where demand and supply are equal
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Equilibrium quantity
the quantity that is demanded and supplied at the equilibrium price
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Exchange
the process by which goods and services are traded
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External benefits
the benefits that accrue as a consequence of externalities to third parties
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External costs
the costs that are the consequence of externalities to third party
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Externality
an effect whereby those directly not involved in taking a decision are affected by the actions of others
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Disequilibrium
any position in the market where demand and supply are not equal
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factor of production
the resource inputs that are available in an economy for the production of goods and services
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factor services
the services provided by the factors of production
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free market mechanism
the system by which the market forces of demand and supply determine prices and the decisions made by consumers and firms
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free rider
someone who directly benefits from the consumption of a public good but who does not contribute towards its provision
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Goods
tangible products , i.e. products that can be seen and touched
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Other cards in this set

Card 2

Front

the quantity that is demanded and supplied at the equilibrium price

Back

Equilibrium quantity

Card 3

Front

the process by which goods and services are traded

Back

Preview of the back of card 3

Card 4

Front

the benefits that accrue as a consequence of externalities to third parties

Back

Preview of the back of card 4

Card 5

Front

the costs that are the consequence of externalities to third party

Back

Preview of the back of card 5
View more cards

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