Draw an indirect tax diagram and show the effect on consumer surplus
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15
Define Opportunity cost
The loss of potential gain from other alternatives when one alternative is chosen.
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10
Name the factors of production
Land, labour, capital and enterprise
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15
If the supply curve begins at the origin PES=...
1
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banana
Go to last place!
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star
Double points!
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rocket
Go to first place!
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baam
Lose 25 points!
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20
Explain the characteristics of public goods
Goods that are neither excludable nor rival in consumption.
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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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10
Define PED
A measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as the percentage change in quantity demanded div
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15
Explain what can cause a shift like this in a market.
factors that increase D
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seesaw
Swap points!
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fairy
Take points!
5
10
15
20
25
shark
Other team loses 10 points!
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thief
Give points!
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25
What is the shaded area? Define
consumer surplus
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25
Draw a maximum price diagram and show the net effect on society
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25
Draw a subsidy diagram and show the effect on producer surplus
