MICRO ECONOMICS KEY TERMS
- Created by: kira Rakkar
- Created on: 06-03-17 13:22
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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