Before & After
Equilibrium
and
Taker
Price
Money going into the circular flow of income
Injection
A factor of production, often fixed in the short term
Land
How much somebody makes
Income
A good with a PED of 0.79 is known as price what?
Inelastic
Costs of
and
Possibility frontier
Production
The general price of goods has gone up this year
Inflation
What a dilemma! My limited resources are not going to be able to give all the people what they...
Want
Studying theories behind peoples and society's behaviour, Economics is a social...
Science
Economies of scale
Normal
and
Maximising
Profit
I'm giving the government money, but it's attached to things I buy
Indirect (Tax)
A potential fixed cost that you could incur in the running of a factory.
Rent
Cryptocurrency is typically named a something catchy or meme-y followed by the word...
Coin
Who is in charge of setting monetary policy?
Central Bank/Bank of England
Asymmetric
and
Gaps
Information
If I earn less, I'm going to want to buy more of these
Inferior (goods)
The very top point of the business cycle
Boom/Peak
MPs, who vote on various policies, do so in the house of where?
Commons
Where on a cost/revenue graph would you find the revenue maximising point?
MR = 0
Level of
and
Gap
Output
The government want to get involved to save the day
Intervention
This type of rate, is the specific name for the interest rate set by the Bank of England
Base
___ pollution is a type of negative externality
Noise
The government spend £1 million more, but the overall injection created into the economy is £15 million, this is due to what?
Multiplier Effect