Micro 4 set 0.0 / 5 ? EconomicsMicroASOCR Created by: inayahCreated 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
Analyse how the macroeconomic problems outlined above would be approached by Keynesian economists 0.0 / 5
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