Micro key terms 2nd 12 0.0 / 5 ? EconomicsAll micro termsASOCR Created by: inayahCreated 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 6 of 12 Effective demand the willingness and ability to buy a product 7 of 12 Efficiency where the best use of resources is made for the benefit of consumers 8 of 12 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 12 of 12
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