Concepts Flashcards
The average revenue of a firm in a perfectly competitive market is equal to its …
selling price.
The supply curve for a firm in a perfectly competitive market has a … slope.
Postive
For a trip to be classified as part of tourism, the maximum length of stay should be less than … year(s).
One
Diseconomies of scale
occurs when inputs increase, while outputs are increasing by less than the percentage increase in inputs
Millennium development goals
eradication of extreme poverty and
hunger
A situation where one firm fixes a price and other firms accept it as the market price
Price leadership/ tacit collusion
An excessive rise in the general price level, sometimes referred to runaway inflation
Hyperinflation
Costs of inputs that are owned by an entrepreneur and used during the production process are regarded as … costs.
Implicit
A market structure where there are no barriers to entry is called a/an … market.
Perfect market/ monopolistic competitive.
Collusion is an agreement among firms to … competition.
Limit
A condition of low economic growth, high unemployment and high rates of inflation, is called …
Stagflation
Cost-push inflation could be the result of …
Depreciation of currency
The site that boasts five different eco-systems
iSimangaliso Wetland Park
Economies of scale
decrease in average cost of production per unit as output increases
Productivity
increase in output with the same factor inputs
A period where at least one factor of production is fixed
Short run
The direct regulation of an industry or activity through laws that state what is allowed and what is illegal regarding pollution
Command and control
Financial support by the government to assist the production of a good or service
Subsidy on production
The granting of legal titles to the owners of land so that it can be taken care of
Property rights
