Micro set 6 0.0 / 5 ? EconomicsCompetitive marketsASOCR Created by: inayahCreated on: 25-04-14 20:12 Price The amount of money that is paid for a given amount of a particular good or service 1 of 12 Price elastic where the % change in quantity demanded is sensitive to a change in price 2 of 12 PED the responsiveness of quantity demanded to a change in the price of the product 3 of 12 PES the responsiveness of quantity supplied to a change in the price of product 4 of 12 PRICE INELASTIC where the % change in quantity demanded is insensitive to changes in the price of a good 5 of 12 price system a method of allocating resources by the free movement of prices 6 of 12 private benefits the benefits directly accruing to those taking a particular action 7 of 12 private costs the costs incurred by those taking a particular action 8 of 12 producer surplus the difference between a price a producer is willing to supply and what is actually paid 9 of 12 ppc this shows the maximum quantities of different combinations of output of two products given current resources and current level of tech 10 of 12 productive efficiency where production takes place using the least amount of scarce resources 11 of 12 productive potential the max output that an economy is capable of producing 12 of 12
Analyse how the macroeconomic problems outlined above would be approached by Keynesian economists 0.0 / 5
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