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    As Economics Unit 1 Definition

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    tristachan
    This document defines key economic terms related to scarcity, production, costs, markets, taxation, market failures, and government intervention. It covers concepts such as opportunity cost, demand and supply, price elasticities, different types of goods and their characteristics, taxes and subsidies, externalities, unemployment, and price control mechanisms. The document acts as an overview of fundamental AS Economics concepts for a first unit of study.

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    As Economics Unit 1 Definition

    Uploaded by

    tristachan
    25 views5 pages
    This document defines key economic terms related to scarcity, production, costs, markets, taxation, market failures, and government intervention. It covers concepts such as opportunity cost, demand and supply, price elasticities, different types of goods and their characteristics, taxes and subsidies, externalities, unemployment, and price control mechanisms. The document acts as an overview of fundamental AS Economics concepts for a first unit of study.

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    This document defines key economic terms related to scarcity, production, costs, markets, taxation, market failures, and government intervention. It covers concepts such as opportunity cost, demand and supply, price elasticities, different types of goods and their characteristics, taxes and subsidies, externalities, unemployment, and price control mechanisms. The document acts as an overview of fundamental AS Economics concepts for a first unit of study.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    25 views5 pages

    As Economics Unit 1 Definition

    Uploaded by

    tristachan
    This document defines key economic terms related to scarcity, production, costs, markets, taxation, market failures, and government intervention. It covers concepts such as opportunity cost, demand and supply, price elasticities, different types of goods and their characteristics, taxes and subsidies, externalities, unemployment, and price control mechanisms. The document acts as an overview of fundamental AS Economics concepts for a first unit of study.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 5

    AS Economics Unit 1 Definition

    Scarcity



    Production Probability Frontier



    Opportunity cost



    Specialization


    Division of labour


    Positive statement


    Normative statement


    Nominal value


    Real value


    Demand




    Supply




    Free market economy


    Price Mechanism


    Planned economy


    Mixed economy


    Price elasticity of demand (Ped)



    Price elasticity of supply (Pes)



    Income elasticity of demand (YED)



    Inferior good


    Normal good


    Cross elasticity of demand (XED)



    Substitute good



    Complementary good



    Indirect tax





    Subsidy





    Market failure



    External cost



    Private cost



    Social cost



    External benefit



    Private benefit



    Social benefit





    Merit good


    Demerit good


    Public good


    Non-rivalry



    Non-excludability



    Free rider problem


    Geographical immobility


    Occupational immobility


    Structural unemployment


    Asymmetric information


    Adverse selection


    Moral Hazard


    Principal agent problem



    Minimum price




    Maximum price




    Guaranteed price





    Buffer stock scheme







    Government failure

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