Micro 4 set

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  • Created by: inayah
  • Created on: 15-04-14 15:57
Human capital
education, training and experience that a worker , or group of workers ,possesses
1 of 12
income elastic
goods for which a change in income produces a greater proportionate change in demand
2 of 12
income elasticity of demand
the responsiveness of demand to change in income
3 of 12
income inelastic
goods for which a change in income produces a less proportionate change in demand
4 of 12
inefficiency
any situation where economic efficiency is not achieved
5 of 12
inferior good
godds for which an increase in income leads to a fall in demand
6 of 12
information failure
a lack of information resulting in consumers and producers making decisions that do not maximise welfare
7 of 12
labour
the quantity and quality of human resources
8 of 12
land
natural resources in economy
9 of 12
market
an arrangement that brings buyers ito contact with sellers
10 of 12
market economy
an economic system whereby resources are allocated thorough the free market
11 of 12
market failure
where the free market mechanism fails to achieve economic efficeincy
12 of 12

Other cards in this set

Card 2

Front

goods for which a change in income produces a greater proportionate change in demand

Back

income elastic

Card 3

Front

the responsiveness of demand to change in income

Back

Preview of the back of card 3

Card 4

Front

goods for which a change in income produces a less proportionate change in demand

Back

Preview of the back of card 4

Card 5

Front

any situation where economic efficiency is not achieved

Back

Preview of the back of card 5
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