Demand for a product is very responsive to price changes
Elastic Demand
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15
The term for cuts in government expenditure and/ or rises in taxation designed to reduce aggregate demand.
Contractionary fiscal Policy
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15
An economic model that illustrates opportunity costs
PPF production possibility frontier
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monster
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15
When supply is in excess compared to demand
Surplus
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15
What are forms of government expenditure and taxation that reduce fluctuations in economic activity, without any change in government policy.
Automatic stabilizers
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15
an increase in quantity supplied due to an increase in its price
Extension of supply
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baam
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The payment received by Land
Rent
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15
Price cannot be over the maximum
Price ceiling
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This tax imposes the same tax percentage on individuals regardless of income and is seen as being regressive.
Flat or Proportional tax
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15
Consumption of a good by one person does not reduce the amount available for others
Non rival
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15
Reduction in the value of an capital due to wear and tear or being obsolete
Depreciation
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15
Define Economic Growth
In the SR, increases in AD may lead to a rise in O/P if resources are unemp. In the LR it is a rise in the productive potential with rise qtity or qlity of resc
