key word 3rd set of 12 0.0 / 5 ? EconomicsProduction and efficiencyASOCR Created by: inayahCreated on: 26-03-14 18:44 Equilibrium price the price where demand and supply are equal 1 of 12 Equilibrium quantity the quantity that is demanded and supplied at the equilibrium price 2 of 12 Exchange the process by which goods and services are traded 3 of 12 External benefits the benefits that accrue as a consequence of externalities to third parties 4 of 12 External costs the costs that are the consequence of externalities to third party 5 of 12 Externality an effect whereby those directly not involved in taking a decision are affected by the actions of others 6 of 12 Disequilibrium any position in the market where demand and supply are not equal 7 of 12 factor of production the resource inputs that are available in an economy for the production of goods and services 8 of 12 factor services the services provided by the factors of production 9 of 12 free market mechanism the system by which the market forces of demand and supply determine prices and the decisions made by consumers and firms 10 of 12 free rider someone who directly benefits from the consumption of a public good but who does not contribute towards its provision 11 of 12 Goods tangible products , i.e. products that can be seen and touched 12 of 12
Edexcel Economics Unit 1 Competitive Markets: How they work and why they fail 5.0 / 5 based on 1 rating Teacher recommended
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