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Economics

G11

TermDefinition
Microeconomics Individual markets
Macroeconomics Economy as a whole
Inflation Rate of price increase
Laissez Faire Free market
Utility The value of a good/service - Total satisfaction from consuming it
Efficiency All goods and FOPS in an economy are allocated to their most valuable uses
Scarcity Unlimited wants, limited FOPS
Market Where buyers and sellers meet to facilitate transactions
Monopoly Market structure where a single seller/producer is in a dominant position of a industry/sector
Subsidy Direct/indirect payment to individuals or firms from the government/targeted tax cut
Invisible hand Metaphor for unseen forces that move the free market economy
Command economy Planned economy, central government controls the means of production
Taxes Mandatory payment or charge collected by local, state and national governments from individuals or businesses to cover costs of government funded goods/services
Interest Price you pay to borrow money or the return earned on an investment
Actual output Refers to current level of production
Potential output Potential production depending on highest level of efficiency
GDP Gross domestic product - Monetary value of all finished goods/services made within a country during a specific period
Circular flow of income Model of how money moves through society
PPC Production possibilities curve, represents different combinations of two goods produced
Behavioral economics Relies on experiments and evidence of consumer behaviorq
Factor payments Land --> Rent Labour --> Wages Capital --> Interest Entrepreneurship --> Profit
Opportunity cost Opportunity lost
Leakages Withdrawal of income from the flow: Savings, taxes, imports
Injections Introduction of income into the flow: Investment, government spending, exports
Leakages > Injections Economy shrinks
Leakages < Injections Economy grows
Positive economics Study of econ. based on scientific methods, models, hypotheses, theories, laws, etc
Normative economics Identifies important econ, problems and prescribes what should be done to solve them
Example of P.E Describe: Economic growth has increased from _ to _ in the last _ Explain: The increase in the price of _ has resulted in _ Predict: _ will happen
Example of N.E Governments should raise taxes to fund new programs
Demand Individual consumer's willingness/ability to buy goods/services at different prices at a specific time period
Ceteris paribus All else being equal
Negative causal relationship Price decreases, demand increases
Axes Price Y --- Demand X
Law of demand States that there is a negative causal relatipnship between a good's price and the quantity demand for it
Non price determinants of demand Changes in income - Tastes and preferences - Future price expectations - Price of related goods - Size of market (Number of consumers)
Substitutes Chocolate / gummy bears - Animal products / plant based products
Compliments Phone / phone case - Fries / ketchup
Supply Individual firm's willingness and ability to produce various quantities of goods/services at different prices during a specific time period
Law of supply States that there is a positive causal relationship between a goods price and its quantity supplied in a particular time period
Non price determinants of supply Subsidies and taxes - Technological advancements - Other related good prices (Joint + competitive) - Resource costs - Expectations of future prices - Size of market (Number of producers)
Created by: LimppuBiscuit
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