Micro set 6

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  • Created by: inayah
  • Created on: 25-04-14 20:12
Price
The amount of money that is paid for a given amount of a particular good or service
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Price elastic
where the % change in quantity demanded is sensitive to a change in price
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PED
the responsiveness of quantity demanded to a change in the price of the product
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PES
the responsiveness of quantity supplied to a change in the price of product
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PRICE INELASTIC
where the % change in quantity demanded is insensitive to changes in the price of a good
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price system
a method of allocating resources by the free movement of prices
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private benefits
the benefits directly accruing to those taking a particular action
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private costs
the costs incurred by those taking a particular action
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producer surplus
the difference between a price a producer is willing to supply and what is actually paid
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ppc
this shows the maximum quantities of different combinations of output of two products given current resources and current level of tech
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productive efficiency
where production takes place using the least amount of scarce resources
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productive potential
the max output that an economy is capable of producing
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Other cards in this set

Card 2

Front

where the % change in quantity demanded is sensitive to a change in price

Back

Price elastic

Card 3

Front

the responsiveness of quantity demanded to a change in the price of the product

Back

Preview of the back of card 3

Card 4

Front

the responsiveness of quantity supplied to a change in the price of product

Back

Preview of the back of card 4

Card 5

Front

where the % change in quantity demanded is insensitive to changes in the price of a good

Back

Preview of the back of card 5
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