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  • Define The Following Key Terms Worksheet

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    Alexandra Homem
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    This document provides definitions for 28 key economic terms across microeconomics and macroeconomics. It includes definitions for concepts like positive and normative statements, opportunity cost, production possibility frontier, and the price mechanism. It also asks the reader to define demand and supply curves, and how different factors can cause them to shift. Other terms covered include price elasticities, income elasticity, inferior and normal goods, complements and substitutes, taxes and subsidies, market failures, and externalities.

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    Define the Following Key Terms Worksheet

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    This document provides definitions for 28 key economic terms across microeconomics and macroeconomics. It includes definitions for concepts like positive and normative statements, opportunity cost, production possibility frontier, and the price mechanism. It also asks the reader to define demand and supply curves, and how different factors can cause them to shift. Other terms covered include price elasticities, income elasticity, inferior and normal goods, complements and substitutes, taxes and subsidies, market failures, and externalities.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    7 views1 page

    Define The Following Key Terms Worksheet

    Uploaded by

    Alexandra Homem
    This document provides definitions for 28 key economic terms across microeconomics and macroeconomics. It includes definitions for concepts like positive and normative statements, opportunity cost, production possibility frontier, and the price mechanism. It also asks the reader to define demand and supply curves, and how different factors can cause them to shift. Other terms covered include price elasticities, income elasticity, inferior and normal goods, complements and substitutes, taxes and subsidies, market failures, and externalities.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    Unit 1 definitions worksheet

    Define the following key terms:

    1. Positive and Normative statements


    2. Opportunity cost
    3. Production possibility frontier
    4. Division of labour
    5. Free market economy
    6. Mixed economy
    7. Marginal utility
    8. Price mechanism
    9. Demand
    9(i) list 5 factors that affect the movement of the demand curve

    10. Supply
    10(i) List 5 factors that affect the movement of the supply curve

    11. Price elasticity of demand


    12. Income elasticity of demand
    13. Inferior and normal goods (include their relationship in your answer)
    14. Cross elasticity of demand
    15. Complements and substitutes (include their relationship in your answer)
    16. Price elasticity of supply
    17. Producer and consumer surplus
    18. Moral hazard
    19. Ad valorem tax
    20. Specific tax
    21. Subsidies
    22. Merit goods
    23. Demerit goods
    24. Public goods
    25. Free rider problem
    26. Market failure
    27. Positive and negative externalities
    28. Asymmetric information

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