Micro set 7 0.0 / 5 ? EconomicsMarket failureASOCR Created by: inayahCreated 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
Analyse how the macroeconomic problems outlined above would be approached by Keynesian economists 0.0 / 5
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