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Micro Econ > Micro > Flashcards

Micro Flashcards

1
Q

Land

A

Physical space for factories and roads

Rent

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2
Q

Labour

A

Workforce of economy

Wages

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3
Q

Capital

A

Sum of buildings, machinery, vehicles and computers used by workers to help them produce output
Interest

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4
Q

Entrepeneurship

A

Managerial ability

Profit

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5
Q

Non renewable resources

A

Fossil fuels
Wood
Fish stocks

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6
Q

Renewable resources

A

Wind power

Tidal power

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7
Q

Intergenerational inequality

A

People currently enjoy a standard of living which could threaten the wellbeing of future generations

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8
Q

Durable goods

A

Consumed over a period of time

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9
Q

Basic Economic Problem

A

Resources are finite, but wants and needs are unlimited

Must choose WHAT to produce, HOW to produce it, WHO to produce it for

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10
Q

Opportunity Cost

A

The benefits foregone of the next best alternative

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11
Q

Normative statements

A

Valued judgements/ opinion

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12
Q

Positive statements

A

Can be found to be true or false if empirically tested

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13
Q

Allocative efficiency

A

Output combination where social welfare is maximised

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14
Q

Free goods

A

Do not incur an opportunity cost

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15
Q

Ceteris paribus

A

All other things being equal

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16
Q

Demand

A

The amount that consumers are willing and able to buy of a good or service at any given price

17
Q

Diminishing Marginal Utility

A

The utility from each additional unit consumed will decrease

18
Q

Wealth

A

Stock of assets accumulated over time

19
Q

Total revenue =

A

Price x quantity sold of a good or service

20
Q

Subsidies

A

Sums of money given by the government to producers to encourage them to supply more to the market

21
Q

Law of diminishing returns

A

If more of a variable factor of production , such as labour, is added to a fixed amount of capital, then the output will fall for each additional worker in the short-run

22
Q

Profit =

A

Revenue - costs

23
Q

Factors of Production

A

Land
Labour
Capital
Entrepeneurship

Micro Econ (1 decks)

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