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

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