Micro key terms 2nd 12

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  • Created by: inayah
  • Created on: 09-03-14 12:37
Demerit good
Their consumption is more harmful than is actually realised
1 of 12
Division of labour
The specialisation of labour where the production process is broken down into separate tasks
2 of 12
Economic efficiency
where both allocative and productive efficiency are achieved
3 of 12
Economic problem
how to allocate scarce resources amongst alternative uses
4 of 12
Economics
the study of how to allocate scarce resources in the oat effective way
5 of 12
Economic system
the way in which production is organised in a country or group of countries
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Effective demand
the willingness and ability to buy a product
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Efficiency
where the best use of resources is made for the benefit of consumers
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Elastic
responsive to a change in market conditions
9 of 12
Elasticity
the extent to which buyers and sellers respond to a change in market conditions
10 of 12
Entrepreneurship
the willingness of an entrepreneur to take risks and organise production
11 of 12
Entrepreneur
someone who bears the risk of the business and who organises production
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Other cards in this set

Card 2

Front

The specialisation of labour where the production process is broken down into separate tasks

Back

Division of labour

Card 3

Front

where both allocative and productive efficiency are achieved

Back

Preview of the back of card 3

Card 4

Front

how to allocate scarce resources amongst alternative uses

Back

Preview of the back of card 4

Card 5

Front

the study of how to allocate scarce resources in the oat effective way

Back

Preview of the back of card 5
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