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AICE Econ AS Unit 3

Review of terms and concepts from Unit 3 of AICE Econ AS Level

TermDefinition
Externality Affects of a decision on someone other than the decision maker.
Private Costs Costs of a decision that accrue to the decision maker.
Private Benefits Benefits of a decision that accrue to the decision maker.
External Costs Costs of a decision that accrue to someone other than the decision maker.
External Benefits Benefits of a decision that accrue to someone other than the decision maker.
Social Costs Private costs plus external costs.
Social Benefits Private benefits plus external benefits.
Cost Benefit Analysis A decision making tool used to measure the divergence between private and social costs and benefits.
Shadow Price Price put on costs and benefits where no market price is available.
Merit Goods A market failure where the private benefits of a good are less than the social benefits.
Demerit Goods A market failure where the private costs of a good are less than social costs.
Information Failure Market failures happen because consumers do no know exactly how good or bad goods are for them.
Non-excludable Once a good has been made available to one consumer, it is impossible to stop all other consumers from benefiting from it.
Non-Rival As more people consume a product, the benefit to those already consuming it is not diminished.
Public Goods Goods which are non-excludable and non-rival. It is usually difficult to charge a direct price.
Free Rider Someone who has no incentive to pay for the use of a public good.
Regulation Rules and laws that apply to firms.
Excise Duties Taxes on specific products, often to restrict competition.
Tax Payments made to governments, usually levied on goods/services and income.
Subsidy Payment made to producers to reduce the market price of a good or service.
Progressive Tax A tax that takes a higher proportion from high income earners rather than from low income earners.
Created by: M.Brock
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