MICRO ECONOMICS KEY TERMS

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P O S I T I V E E X T E R N A L I T Y D R
T R T I X S K P T Q K T R E I G P N P T C
C A R T J J H F A R V I G P A V D P B I M
M R C O N C E N T R A T E D M A R K E T V
E S R E S O U R C E A L L O C A T I O N B
O O G O S S B K M A N K G N A W M E O H W
H D V Y C X F Y M A I K Y F U J L B P O D
U N O R M A T I V E S T A T E M E N T X H
O X M R K X O L Q C F T R D X O C V K C B
X T O L H N R H W F L C D N N D K K P H L
C O N D I T I O N S O F S U P P L Y I O P
X A W O A R V N F X K V O E J F H H Q R M
P R O F I T M A X I M I S A T I O N Y O A
R P Y E J K U A D D V X H N Q N L V M X M
S N E G A T I V E E X T E R N A L I T Y E
P R O D U C T I V E E F F I C I E N C Y K
P R O D U C E R S O V E R E I G N T Y G M
V W F W X T L D W C Y O C Q P H D R Q B I
C O N C C E N T R A T I O N R A T I O Y N
U R U X Q S B J M E T D F R U R I R K S S
I L G Y P L I K I A J E P Y N I E C O N Y

Clues

  • (same as external benefit)occurs when the consumption or production of a good causes benefit to a third party, where the social benefit is greater than the private benefit (8, 11)
  • (same as external cost) occurs when the consumption or production of a good causes costs to a third party, where the social cost is greater than the private cost. (8, 11)
  • A market containing very few firms, in the extreme one firm (12, 6)
  • a ratio which indicates the total market share of a number of leading firms in a market, or the output of these firms as a percentage of total market output. (14, 5)
  • a statement that includes a value judgement and cannot be refuted just by looking at evidence (9, 9)
  • determinants of supply, other than the good's own price, that fix the position of the supply curve. (10, 2, 6)
  • for the economy as a whole occurs when it is impossible to produce more of one good without producing less of another. For a firm this occurs when the average total cost is minimised (10, 10)
  • occurs when a firms total sales revenue is furthest above total cost of production (6, 12)
  • producers or firms in a market determine what is produced and what prices are charged (8, 11)
  • the process through which the available factors of production are assigned to produces different goods/services e.g. how many of the societys economic resources are devoted to supplying products such as food, cars, healthcare and defence (8, 10)

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