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bus > econs > Flashcards

econs Flashcards

1
Q

postiive statement

A

facts

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2
Q

short tun

A

time period where one output can change

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3
Q

normative

A

using opinions

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4
Q

longrun

A

variable can change but with constant

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5
Q

specialisation & division of labout a &d

A

a- high quality, cheaper d- boredom and low motication

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5
Q

very long run

A

all key input can chnage

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6
Q

mixed

A

a- efficinet, low market failure d- government intervention , expensive

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6
Q

market economy

A

a- product differentiated, efficient d- expensive, market failure

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7
Q

ppc

A

causes

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8
Q

planned

A

a- cheaper, reduce of inequality d- inefficinet, lack of differentaited

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9
Q

disadvantage of public goods

A
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10
Q

type of goods

A
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11
Q

price mechanism

A

allocating tessouces of economy to know if i tis over suplly or not

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12
Q

facor shifting demand

A

income, substitue, complements, taste and fashion

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13
Q

ped

A
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14
Q

factor shifting supply

A

tax, costs, nature, industry

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15
Q

shifts of ped

A

avaliability of goods, time, relative expenses

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16
Q

factors shiftinf pes

A

time period, avaliablity of goods, productive capacity

16
Q

pes

A
17
Q

xed

A
18
Q
A
19
Q

yed

A
20
Q

consumer surplus

A

producer surplus

21
Q

uses of price

A

incentives, rationing, signalling

22
Q

advantage and disadvantage pes ped xed yed

A
23
Q

market failure

A

tax

24
Q

minimum price

A

maximum price

25
Q

subsidy

A

buffer stock scheme

26
Q

reason for inequality

A

minimum wage

27
Q

transfer payment

A

tax

28
Q

price stability

A
29
Q

fiscal policy

A

monetary

30
Q

supply side

A

national income statistic, dpt, ndp, nni

31
Q

circular flow

A

ad, as

32
Q

unemployment

A

how to measure, consequence

33
Q

cpi

A

cost push inflation

34
Q

demand pull inflation

A

cost of inflation

35
Q

economic growth advantage and diadvantage

A

a- stimulate output, employment d- opportunity cost, depletion

36
Q

absoulute advanatge

A

comperative advantage

37
Q

advantage disadvantage free trade

A

tot , favourable and unfavourable

38
Q

causes change in tot

A

balance of payment

39
Q

protectionisam

A

advanatge and disadvantage

40
Q

appreciation

A

deprecition

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