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

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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