Economics
The total value of finished goods and services produced by a country in period, being valued at constant prices (Inflation deducted) being divided by the total population
Real GDP per capita
An excess of imports over exports
What is a Trade deficit
The economic problem of having unlimited needs and wants with only limited means to satisfy them
What is Relative Scarcity
recession, trough, expansion, peak
What is the business cycle
occurs if a nation specialises in a few key areas of production where its cost advantages are greatest or its disadvantages and opportunity costs are lowest.
What is Comparative cost advantage
can occur when a firm produces on a large scale that enables it to spread its fixed production costs
What is Economies of large scale production
A diagram that represents the maximum combinations of products available with fixed resources and technology
What is The production possibility curve
If technology for milking cows increases and becomes more efficient, then the supply curve will:
shift right, because if it cost less to produce farmers will increase production.
If the price of a product increases, What happens to quantity?
What is the quantity supplied increases and quantity demanded decreases most likely ending in a surplus of products produced
2. An increase in the price of milk causes a decrease in the demand for cereal. The two products are
What is complementary products
7. Consumers' willingness to replace a costly item with a less costly item is an example of
What is the substitution product
Consumption + Investment + Government Spending + Net Exports (Not GDP)
What is Aggregate Demand
The ability to alter the market price of a good or service
What is market power
Second-hand goods, black markets and volunteer work.
What is not included in GDP?
The price of a specific good or service in comparison to the prices of other goods and services.
What is relative price
is where the particular types of goods and services produced reflect what individual
consumers purchase, rather than this decision being made through government planning.
What is consumer sovereignty
Is one where the percentage of income paid in tax rises with the level of income.
What is progressive tax
A market's ability to promote cost-reducing or product-enhancing technological change
What is Dynamic efficiency
Name the four market structures from most to least competitive.
What is perfect competition, monopolistic competition, oligopoly, and monopoly?
A federal law that specifies what business behaviour is acceptable on a wide range of issues, from product safety and pricing to the way in which a business competes in the marketplace.
What is Competition and Consumer Act 2010
Income (after taxes) that is available to you for saving or spending
What is disposable income
When no one listens to anything you say
What is a teacher
The nature and degree of competition among firms operating in the same industry.
What is a market structure