micro 5 set

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  • Created by: inayah
  • Created on: 15-04-14 16:07
merit good
these have more private benefits than their consumers actually realise
1 of 12
microeconomics
the study of households and firms make decisions in markets
2 of 12
movement along the demand curve
this is in response to to a change in the price of a product
3 of 12
negative externality
this exists where the social costs of an activity is greater than the private costs
4 of 12
non-excludability
situation existing where individual consumers cannot be excluded from consumption
5 of 12
non-rivalry
situation existing where consumption by one person does not affect the consumption of all other
6 of 12
notional demand
the desire for a product
7 of 12
opportunity cost
the cost of the best alternative , which is forgone when a choice is made
8 of 12
polluter pays principle
any measure,such as a green tax , whereby the polluter pays explicitly for the pollution caused
9 of 12
positive externality
this exists where the social benefit exceeds the private benefit
10 of 12
Mixed economy
an economic system where resources are allocated through admixture of the market and direct public sector involvement
11 of 12
Normal goods
goods for which an increase in income leads to an increase in demand for product
12 of 12

Other cards in this set

Card 2

Front

the study of households and firms make decisions in markets

Back

microeconomics

Card 3

Front

this is in response to to a change in the price of a product

Back

Preview of the back of card 3

Card 4

Front

this exists where the social costs of an activity is greater than the private costs

Back

Preview of the back of card 4

Card 5

Front

situation existing where individual consumers cannot be excluded from consumption

Back

Preview of the back of card 5
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