Micro key terms 1st 12 0.0 / 5 ? EconomicsMarkets in actionASOCR Created by: inayahCreated on: 01-03-14 18:55 Allocative efficiency Where consumer satisfaction is maximised 1 of 12 Asymmetric information information not equally shared between 2 parties 2 of 12 Capital man made aids for production 3 of 12 Ceteris Paribus (Latin - other things being equal) assuming other variables remain unchanged 4 of 12 Change in demand this is where a change in a non price factor leads to an increase or decrease in demand for a product 5 of 12 Choice the selection of appropriate alternatives 6 of 12 Clearing price same as equilibrium price 7 of 12 Complements goods for which there is a joint in demand 8 of 12 Cross elasticity of demand the responsiveness of demand for one product in relation to a change in price of an alternative 9 of 12 Demand the quantity of a product that consumers are willing able to purchase at various prices over a period of time 10 of 12 Demand Curve this shows the relationship between the quantity demanded and the price of a product 11 of 12 Demand schedule the data that is used to draw the demand curve for the product 12 of 12
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