Micro key terms 1st 12

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

Card 2

Front

information not equally shared between 2 parties

Back

Asymmetric information

Card 3

Front

man made aids for production

Back

Preview of the back of card 3

Card 4

Front

(Latin - other things being equal) assuming other variables remain unchanged

Back

Preview of the back of card 4

Card 5

Front

this is where a change in a non price factor leads to an increase or decrease in demand for a product

Back

Preview of the back of card 5
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