Miscellaneous Quiz / Economics Unit 1 Definitions

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Can you write the correct economic term for each of these definitions?

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HintAnswer
MPC>MSC
Good whose YED is positive and less than 1
Measure of the sensitivity of a change in demand following a change in income
Necessity whose demand increases as its price rises
Government intervention leads to misallocation of resources
Study of relationships between variables at an aggregate level
Time period during which at least one factor of production is fixed
Resource which is limited in supply and cannot be replaced within human timescales
Based on facts, can be tested and proven
Resource allocation is determined by the state
MSC>MPC
No one can be prevented from consuming the good
Inverse relationship between quantity demanded and price of a good
Some market participants have better information than others
Price mechanism does not lead to optimum allocation of resources
Time period during which all factors of production are variable
PED is lower than 1 but above 0
Basic economic problem arising from limited resources and unlimited wants
Considering additional costs and benefits from a change in behaviour
Tax levied as a percentage of the price of a good
Price cap preventing selling good above a certain level
Set of arrangements allowing exchange of goods to take place
Addtional cost to society of producing an additional unit of a good
HintAnswer
Resource which can be replenished quickly
Good used to make goods providing utility
Issue arising from those consuming a good without paying for it
Good which is both non-excludable and non-rivalrous
Payment required by the state charged directly to an individual based on their income
MSB>MPB
PED is equal to 1
Material commodity whose demand increases as its price increases
Measure of the sensitivity of a change in demand following a change in price
Good providing utility to consumers
Additional value gained from selling good over and above what they would have been willing
Tax charged on a fixed amount per unit of a good
Cost or benefit external to market transaction and thus not reflected in market price
Additional benefit society gains from consuming an additional unit of a good
Additional value gained from purchasing good over and above price paid
Can be consumed by more than one consumer simultaneously
Grant given by government to encourage production of a particular good/service
Production is broken down into a sequence of stages and workers are assigned a particular stage
Two goods whose demand will rise if the price of the other rises
Good whose demand falls as incomes rise
Value judgement, cannot be proven
Good whose YED is positive and greater than 1
MPB>MSB
HintAnswer
Price is such that quantity demanded is equal to the quantity supplied
Good whose demand rises as incomes rise
Two goods whose demand will fall if the price of the other rises
Division of burden of tax between consumers and producers
Consumer gains less additional benefit per additional unit of consumption
Latin phrase meaning 'all other things being equal
Price mechanism operates alongside government intervention
Quantity of good or service consumers are willing to purchase at any given price
Land, labour, capital and enterprise
PED is greater than 1
Measure of the sensitivity of a change in demand of one good following a change in price of another
Shows maximum combination of goods produced using given resources
Price floor preventing expenditure on a good below a certain level
Value of the next best alternative forgone
Payment required by the state levied on expenditure on good/service
Study of economic decisions taken by individual economic agents
Price mechanism is used to allocate resources
Quantity of good or service firms are willing to produce at any given price
Analysing effect on equilibirum of external changes
Good which is both excludable and rivalrous
Goods provided or subsidised by government due to their positive effect on society

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