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Introduction to econ

Supply, demand

QuestionAnswer
Positive statement A viewpoint which can be tested, fact.
Normative statement A viewpoint which is opinionated without evidence
Is "The crime rate is higher in the UK then other countries" a positive or normative statement? Positive
Need Something people must have, that they cannot do without, e.g. food
Want Something people would desire but which is not essential for survival e.g. PS4
Fundamental economic problem The idea that there are scarce resources to allocate to the unlimited quantity of goods and services people desire.
What is used to decide the economic problem? What to produce? How to produce it? And, for whom?
Production The process of converting factors of production into product
Finite resource A resource, such as oil, which is scarce and runs out as it is used. The environment is a scarce resource.
Opportunity cost The next best alternative foregone when a choice is made
Factors of production Land, Labour, Capital and Enterprise.
Contraction of Demand Reduced quantity, increased price
Extension of Demand Increased quantity, reduced price
Ceteris Paribus all other things being equal
Pareto Efficient Resources allocated in the most efficient manner
Contraction in Supply Reduced quantity, reduced price
Extension of Supply Increased quanity, increased price
Determinants of Supply Productivity, Indirect taxes, No of Firms, Technology, Subsidy, Weather, Cost of production
Tariff Tax or duty to be paid on a particular class of imports or exports
Market Where buyers meet sellers
Equilibrium/ Market clearing price Where demand meets supply
Price Mechanism Allocate, Rationing, Signal, Incentives
Consumer surplus Price consumers are willing and able to pay subtracted by the price they pay for a good or service
Producer surplus Price producers are willing and able to sell subtracted by the price they sell for a good or service
Created by: Haribro
 

 



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