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Economics 1.2.6

Economics- Edexcel 1.2.6

TermDefinition
equilibrium a state of equality or balance between market demand and supply
equilibrium price trade-off for buyer and seller
disequilibrium prices where demand and supply are out of balance
excess demand when the price of a good is lower than the equilibrium price
excess supply when supply exceeds demand at a given price
aggregate demand the total demand for goods produced domestically
tariff a tax placed on the value of imported steel
fiscal policy involves the use of government spending, taxation and borrowing to affect the level and growth of aggregate demand, output and jobs
cyclical demand demand that changes in a regular way over time depending on factors
speculative demand the holding of real balances for the purpose of avoiding capital loss from holding bonds or stocks
cocoa producer cooperatives seek to increase the selling power of cocoa farmers to gewt a better price fort their output
per capita average per person
excise duty/tax any duty/tax on manufactured goods that is levied at the moment of manufacture rather than at sale
oligopoly a market structure in which a market or industry is dominated by a small number of large sellers or producers
Created by: jessharris
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