Covab
Name that pic
Graph
name that topic
100
where a producer limits the supply of products in the market to ensure the products remain exclusive or removing excess demand
iontarngi
rationing
100
control
minimum price
100
complements: joint demand
100
cost of production, upward sloping, inventory or perishable, willing and able
supply
200
a tax that is charged as a given percentage of the price
axdavtamleor
ad valorem tax
200
borne by the consumer
incidence
200
inelastic supply
200
substitutes, time, addictive, proportion of income
PED influences
300
numerical measure of income inequality
gtinneiecoffe
gini coefficient
300
government intervention
provision of information
300
what does it create?
surplus of labour (unemployment)
300
taxes, subsidies, max, min price, provision of goods
government intervention tools
400
when there is a sift in the demand curve due to a change in factors other than the price of the product
csheagnniddenmnda
changes in demand
400
difficult to redistribute income/hard to collect in this type
taxes, progressive taxes, informal economy
400
influence on income to do this
disposable income, taxes decrease
400
lack of employment opportunities, poor training, lack of investment, poor infrastructure, low rate of savings, inability of people to obtain credit
economic reasons for inequality of income and wealth
500
all things equal
cseiertpsarubi
ceteris paribus
500
replacement/with
cross elasticity of demand (XED)
500
reasons for the direct provision
underproduction of a merit good
500
lack of public goods, over/under production of demerit and merit goods, information failure, uncertain weather conditions, monopolies
market failures