| Hint | Definition |
|---|
| 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 | |
Colors of the Rainbow 
1-100 
Animals A-Z
