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Edexcel Economics 8. Government Intervention in Markets

In this quiz the answers change every time you play! Guess the terms that fit these definitions
Answer must correspond to highlighted box!
Quiz by robalot39
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Last updated: January 17, 2020
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First submittedJanuary 17, 2020
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Description
Term
A 1998 act that deals with anti-competitive agreements between firms (such as cartels (made a criminal offence under the 2002 Enterprise Act)) and anti-competitive practices by one or more firms in a market, based largely on EU laws and regulations
Competition Act
That type of wage which does not increase or cause unemployment if it is set below equilibrium, ceteris paribus
Minimum Wage
That industry in which historic deregulation has been heavily criticised for resulting in no action being taken to restrain banks in the lead up to the Great Recession
Financial Services
That which can be seen as being the opportunity cost of leisure
Wage Rate
Demand from employers who want to hire workers to do a job
Demand for Labour
That which might be decreased by setting a minimum wage, as it may raise workers' purchasing power and thus demand for goods and services, incentivising increased production ceteris paribus
Unemployment
That opposite of a minimum wage which in the EU takes the form of a bonus cap of 100% of salary or 200% with shareholder approval
Maximum Wage
That which assumes that there is not cost difference between market structures, in reality refuted by the presence of economies of scale
Structure-Conduct-Performance Paradigm
The relationship between the wage rate and demand for labour ceteris paribus
Inverse
A restrictive practice where a supplying firm requires its customers to buy other products
Tie-In Sales
Description
Term
Where a government service or private business venture is funded and operated through a partnership of government and the private sector
Public-Private Partnership (PPP)
Those two supermarkets the merger of which was blocked by the Competition and Markets Authority as it would have reduced competition and consumer choice and likely lead to price rises in both groceries and fuel, alphabetically
Asda and Sainsbury's
Those organisations, the bargaining power of which can be increased by low unemployment, whether its members provide a key service, public support (such as for nurses), and a high proportion of workers in an industry being members
Trade Unions
The additional output produced by a firm increasing its labour input by one unit (such as one more person-hour) holding capital constant, and subject to the law of diminishing returns
Marginal Physical Product of Labour (MPPL)
That which determines the affect on total employment of trade unions successfully negotiating a higher wage rate
Wage Elasticity of Demand for Labour
That the total supply of which in an economy can be affected by the school leaving age, state pension age, the number of economically active women, migration, and working hours (part-time, full-time, etc)
Labour
Benefits offered to workers by firms that are not financial in nature (such as training, job security, etc), effecting an individual's labour supply and potential job choice
Non-Pecuniary Benefits
That market structure, an advantage of which over perfect competition is that it has the potential to earn supernormal profits, allowing for investment in research and development and a potential increase in productive efficiency
Monopoly
That which would decrease with a fall in the equilibrium price for the product it produces ceteris paribus
Demand for Labour
Where the public sector places activities in the hands of a private firm and pays for their provision, often done for public goods such as waste disposal
Contracting Out
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