Basic Economics
Unlimited wants but scarce resources describes what economic theory?
The Basic Economic Problem
Producing a blockbuster film requires actors, cameras, filming locations, and producers willing to invest. Economists would classify these as these.
Factors of Production
The total value of all final goods and services produced in a country in a year.
GDP
When the percentage change in quantity demanded is greater than the percentage change in price, demand is described as this.
Price Elastic Demand
Football Team
Manchester United
The amount of a good or service consumers are willing and able to buy.
Demand
Uber fares increasing after a football match ends is an example of this pricing strategy.
Surge Pricing
A sustained increase in the general price level.
Inflation
This type of unemployment occurs when workers' skills no longer match the jobs available in the economy.
Structural Unemployment
Dietary label
Vegan
The next best alternative that is given up when making a choice.
Opportunity Cost
A viral influencer recommendation causes a skincare product to sell out nationwide, causing what in the market?
Rightward shift in demand
UK method of calculating unemployment
Claimant Count
When a worker is difficult to replace with capital, this effects what?
Wage Elasticity of demand for labour
Secondary School
Chislehurst and Sidcup Grammar School
The process of focusing production on a narrow range of goods or services is known as?
Specialisation
Streaming services raising subscription prices and keeping most of their customers suggests demand is relatively this.
Inelastic
The phase of the business cycle characterised by declining economic activity.
Recession
Effects on third party from consumption or production of a good or service
Externality
Favourite Film
Aftersun, Parasite, Interstellar or Hereditary
This is the value of price elasticity of demand (PED) for a good or service when total revenue is maximised.
PED = -1 (unitary)
Airlines often charge different passengers different prices for the exact same seat on the same flight. This practice is known as...
Price Discrimination
The central bank policy of lowering interest rates and increasing the money supply.
Expansionary Monetary Policy
This occurs when a firm's marginal cost equals its marginal revenue
Profit Maximisation
Dog Breed
German Shepherd