OCR AS Micro economics key terms definitions

To help learn definitions 

Some revision notes to help http://getrevising.co.uk/resources/entire_micro_unit_1_f581_markets_in_action_revision_notes

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Y E O C I K U D I W L Q N L J N V J U T O
I H K D E M E R I T G O O D S X Y A X H K
O P P O R T U N I T Y C O S T L N N R I K
A J H S H A D O W P R I C I N G T N D G O
V B M R X N R S R P V B I S J T S V S P Y
F A C T O R S O F P R O D U C T I O N T W
D S B U S N S U V Y H X B T C J P V Q P S
V N B K U C W B M I D R P P S V J N G H X
S E J P F O R J E J Q U R I W W E O D F L
D G P R O D U C E R S U R P L U S K K C K
O W B B X A A K J T X T S D M W U W C V S
O E B X H M Q L U V E H P R P E H F U U O
G P R I V A T E G O O D S M U M N L L F G
C R E G A N Q V N K P H J I T C A H L R L
I Y M A R K E T F A I L U R E Q H H I V V
L G O C O N S U M E R S U R P L U S N Q M
B E C O N O M I C P R O B L E M H F M S T
U F P K Q N V W C E Y S E N S T I X E S Y
P L L N Y T N V W X F P J K L N J J B W W
J R B J C W F M E U Y J V V B V L K F N B
F P S A Y H P D Y P G V M G K D A M E U X

Clues

  • Goods not provided in a free market (6, 5)
  • Goods that are excludable , have rivalry in consumption and rejectablity (7, 5)
  • Land, Labour, Capital and Enterprise (7, 2, 10)
  • Putting a monetary value on an externality (6, 7)
  • Scarce recourses and infinite wants (8, 7)
  • Socially undesirable goods (7, 5)
  • The difference between the price consumers are willing and able to pay and the price actually paid (8, 7)
  • The difference between the price producers are willing to sell at and the price actually sold at (8, 7)
  • The next best alternative forgone for the option chosen (11, 4)
  • When markets fail to deliver efficiency (6, 7)

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