Draw a subsidy diagram and show the effect on producer surplus
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15
Define market economy
An economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services
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25
Draw an indirect tax diagram and show the effect on consumer surplus
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15
What does the production possibility curve show?
It shows the maximum output of two types of products that can be made with existing resources and technology.
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10
Name the factors of production
Land, labour, capital and enterprise
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seesaw
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gift
Win 20 points!
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fairy
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banana
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10
Define market equilibrium
Condition of price stability where the quantity demanded equals the quantity supplied
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25
Draw a maximum price diagram and show the net effect on society
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25
Define and explain the components of AD?
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5
In Economics, the mismatch of unlimited wants and needs and limited economic resources is called...
Basic economic problem / scarcity
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15
Give the Aggregate Demand formula
C + I + G + X - M
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baam
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star
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fairy
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banana
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25
What is a negative externality? Give an example.
A cost that is suffered by a third party as a result of an economic transaction.
