Micro set 7

HideShow resource information
  • Created by: inayah
  • Created on: 05-05-14 09:01
Profit
The difference between the total revenue of a producer and total cost
1 of 18
Public goods
Goods that are collectively consumed and have the characteristic of non-excludability and non-rivalry
2 of 18
Quasi Public goods
Goods having some but not all the characteristics of a public good
3 of 18
Scarcity
A situation where there are insufficiency resources to meet all wants
4 of 18
Shortage
an excess od demand over supply
5 of 18
Social Benefits
the total benefits of a particular action
6 of 18
Social costs
the total costs of a particular action
7 of 18
Specialisation
the concentration by a worker or workers, firm , region or whole economy on a narrow range of goods and services
8 of 18
Sub-Market
a recognised or distinguishable part of a market , also known as a market segment
9 of 18
Subsidy
A payment usually from a government to encourage production or consumption of a product
10 of 18
Supply
The quantity of a product that producers are wiling and able to provide at different market prices over a period of time
11 of 18
Supply curve
this shows the relationship between the quantity supplied and the price of a product
12 of 18
Supply Schedule
the data used to draw a supply curve of a product
13 of 18
Surplus
an excess of supply over demand
14 of 18
Third party
those not directly involved in making a decision
15 of 18
Tradable permits
a permit that allows the owner to emit a specie level of pollution and that, if unused or only partially used , can be sold to another polluter
16 of 18
Trade off
the calculation involved in deciding on whether to give upine good for another
17 of 18
Want
anything you would want irrespective of whether you have the resources to purchase it
18 of 18

Other cards in this set

Card 2

Front

Goods that are collectively consumed and have the characteristic of non-excludability and non-rivalry

Back

Public goods

Card 3

Front

Goods having some but not all the characteristics of a public good

Back

Preview of the back of card 3

Card 4

Front

A situation where there are insufficiency resources to meet all wants

Back

Preview of the back of card 4

Card 5

Front

an excess od demand over supply

Back

Preview of the back of card 5
View more cards

Comments

No comments have yet been made

Similar Economics resources:

See all Economics resources »See all Market failure resources »