6th revision economics game | Baamboozle - Baamboozle

English 21 Public

economics

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In Economics, the mismatch of unlimited wants and needs and limited economic resources is called...

Basic economic problem / scarcity

Define Opportunity cost

The loss of potential gain from other alternatives when one alternative is chosen.

Name the factors of production

Land, labour, capital and enterprise

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.

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

Explain the characteristics of public goods

Goods that are neither excludable nor rival in consumption.

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

Define market equilibrium

Condition of price stability where the quantity demanded equals the quantity supplied

If the supply curve begins at the origin PES=...

What is a negative externality? Give an example.

A cost that is suffered by a third party as a result of an economic transaction.