Edexcel Economics 1. Introduction to Economics

Description

Term

Products bought by consumers for their own use and enjoyment

A good or service that when consumed by one consumer, reduces or prevents the ability for another party to consume it

The function of money that allows for people to save for future wants and needs

The maximum output that can be produced in a given period with the available resources

A theoretical situation in which any attempt to make one person better off would make another worse off

Other things being equal (all other factors being held constant so as to isolate the effects of one variable)

What is shown by the following calculation: quantity of goods sold×price of goods?

A product that is in competitive demand with another product

A product for which demand decreases with an increase in income

The number of people registered as being able to work (as well as the number of hours worked per person)

Description

Term

An economy in which production is determined by both consumers and the state

When a change in the price of one good provokes a greater change in the demand of another

An assessment of something as good or bad depending on one's own standards or priorities

A decrease in demand coupled with a rise in price

A point at which the level of profit or benefit is exceeded by the cost of investment

The study of economic decisions taken by individual economic agents such as households and firms

A product that is both non-excludable and non-rivalrous

A table showing variance in demand with changes in price

The situation where an individual gains less additional utility from consuming a product the more of it is consumed

What is shown by the following calculation: (%∆QD)/(%∆Y)?