A-LEVEL Economics Theme 1 Topic 1.5 KEY WORDS - Statistics

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This quiz has been taken 23 times
The average score is 5 of 24

Answer Stats

HINT	Answer	% Correct
Occurs whenever a market leads to a misallocation of resource	market failure	80%
Difference in levels of income and wealth distrubtion	inequality	60%
Occurs when the public sector or intervention makes the situation worse	government failure	53%
Goods that are non- rivalrous and non excludable	public goods	53%
Goods that are under consumed in a free market despite providing significant social benefit	merit/demerit goods	40%
When rules are applied on a business or organisation	regulation	33%
When the government does not have the access to the correct information needed to make a informed decision	information gap	27%
Impacts third parties	external benefit	20%
It has an impact on third parties can be COST/BENEFIT	external costs	20%
Total private and external cost EQUATION= SC=PC+EC	social cost	20%
Occurs when less is produced than would be optimal	underproduction	20%
When one individual has more information than the other on a transaction	asymmetric information	13%
When taxes are imposed on goods that are harmful therefore increasing production costs and increasing price lowing sales	indirect taxation	13%
Are the internal benefits of running a business	private benefit	13%
The total private and external benefits EQUATION = SB=PB+EB	social benefit	13%
Government intervention can cause price signals to distort therefore does not show the true supply and demand	distortion of price signals	7%
When workers struggle to move job due to skill mismatch	labour immobility	7%
Third party effects from economic activities.	positive and negative externalities	7%
Government intervention leads to consequences that make the situation worse than before	unintended consequences	7%
Creating a Regulation scheme can have high costs therefore costs are higher than benefit to social welfare	excessive administration costs	0%
Financial support from the government to encourage beneficial activates	grants and subsidies	0%
When a firm dominates and has a market share of 25% or over	monopolies	0%
The costs of running a business	private costs	0%
Firms voluntarily commit to environmental or ethical goals without legal enforcement.	voluntary agreements	0%

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