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
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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
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Economics
the study of how to allocate scarce resources in the oat effective way
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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
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Elasticity
the extent to which buyers and sellers respond to a change in market conditions
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Entrepreneurship
the willingness of an entrepreneur to take risks and organise production
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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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