G11
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| Microeconomics | Individual markets
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| Macroeconomics | Economy as a whole
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| Inflation | Rate of price increase
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| Laissez Faire | Free market
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| Utility | The value of a good/service - Total satisfaction from consuming it
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| Efficiency | All goods and FOPS in an economy are allocated to their most valuable uses
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| Scarcity | Unlimited wants, limited FOPS
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| Market | Where buyers and sellers meet to facilitate transactions
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| Monopoly | Market structure where a single seller/producer is in a dominant position of a industry/sector
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| Subsidy | Direct/indirect payment to individuals or firms from the government/targeted tax cut
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| Invisible hand | Metaphor for unseen forces that move the free market economy
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| Command economy | Planned economy, central government controls the means of production
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| Taxes | Mandatory payment or charge collected by local, state and national governments from individuals or businesses to cover costs of government funded goods/services
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| Interest | Price you pay to borrow money or the return earned on an investment
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| Actual output | Refers to current level of production
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| Potential output | Potential production depending on highest level of efficiency
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| GDP | Gross domestic product - Monetary value of all finished goods/services made within a country during a specific period
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| Circular flow of income | Model of how money moves through society
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| PPC | Production possibilities curve, represents different combinations of two goods produced
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| Behavioral economics | Relies on experiments and evidence of consumer behaviorq
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| Factor payments | Land --> Rent
Labour --> Wages
Capital --> Interest
Entrepreneurship --> Profit
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| Opportunity cost | Opportunity lost
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| Leakages | Withdrawal of income from the flow: Savings, taxes, imports
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| Injections | Introduction of income into the flow: Investment, government spending, exports
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| Leakages > Injections | Economy shrinks
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| Leakages < Injections | Economy grows
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| Positive economics | Study of econ. based on scientific methods, models, hypotheses, theories, laws, etc
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| Normative economics | Identifies important econ, problems and prescribes what should be done to solve them
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| 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
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| Example of N.E | Governments should raise taxes to fund new programs
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| Demand | Individual consumer's willingness/ability to buy goods/services at different prices at a specific time period
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| Ceteris paribus | All else being equal
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| Negative causal relationship | Price decreases, demand increases
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| Axes | Price Y --- Demand X
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| Law of demand | States that there is a negative causal relatipnship between a good's price and the quantity demand for it
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| Non price determinants of demand | Changes in income - Tastes and preferences - Future price expectations - Price of related goods - Size of market (Number of consumers)
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| Substitutes | Chocolate / gummy bears - Animal products / plant based products
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| Compliments | Phone / phone case - Fries / ketchup
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| Supply | Individual firm's willingness and ability to produce various quantities of goods/services at different prices during a specific time period
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| Law of supply | States that there is a positive causal relationship between a goods price and its quantity supplied in a particular time period
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| 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)
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