A2 Economics Revision (Micro)

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Can you name the Definition for A2 Economics?

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A transfer of firms from private sector ownership to state sector ownership
The lowest amount which it legal to pay an employee
Private firms bidding to work for public sector
Consumers not changing provider even though prices are lower elsewhere
Set up by public sector to have the sole intention of providing a service
Being paid more from benefits and tax breaks then from working
Individual is better off earning less money, due to reduction in benefits and tax increases
The gap between the country and the Lorenz curve
The demand for one good results from the demand of another
Individual does not have the recourses to be able to consume the necessities to survive
Being less well off than people around you
The degree of domination by large firms in a market
Changing the price of a good for different markets
Consumers changing demand for a good due to a change in price
All buyers are fully aware of all prices and quantities for sale
Branding of goods
New ideas, new technologies that will lower costs, provide better quality of product
An action of one firm, having an effect on another firm in the market
Firms coming under private ownership
Removal of red tape
A good that is under provided by the market structure and is beneficial to the economy
A good that is over provided by the market structure and is disadvantageous to the economy
Profit that a firm could make by using its resources in their next best use
The profit over and above normal profits
When a firm is at point MC = MR it is..
Making sufficient profit to satisfy the demands of the shareholders
Resources are allocated efficiently over time
Resources are allocated efficiently at a given point in time
Production is achieved at lowest cost
Resources are distributed in such a way that no consumers could be made better off without other consumers becoming worse off
Inefficiency arising due to a firm fails to minimise costs of production
The inefficient allocation of resources due to the market mechanism
Costs which do not vary as the level of production increases or decreases
Costs which vary directly in proportion to the level of output of a firm
The cost of producing an extra unit of output
The opportunity cost of the factors of production which a firm owns
The lowering of costs due to additional output from a firm
The range of output over which LRAC is lowest
The increasing of costs due to additional output
The falling ACs of production which result from a growth in the size of the industry in which the firm opperates
The cost of using resources, i.e not being able to do something else
No one can be made better off without someone being made worse off
Factors which make it difficult or impossible for firms to enter an industry and compete with existing producers
Many buyers and sellers, no barriers to entry, perfect knowledge, homogenous product:
One firm supplying all output in the industry without meeting competition
A small number of large firms supplying all output in the industry
A market where there is freedom of entry to the industry and where costs to exit are low
The book which stated equality makes societies (and economies) stronger
The economist who argued for free market economies. 'The invisible hand'
The economist who argued against Keynesian policies and for Monetarism in the 60s
Also argued against Keynes and communism
Economist who argued that government manipulation of fiscal could control growth and obtain full employment
Economist who came up with creative destruction

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