ECONOMICS REVISION STARTER Initial revision crossword starter 0.0 / 5 ? EconomicsRevisionASEdexcel Created by: darren hollandCreated on: 15-03-14 17:12 The surplus area above supply but below price Producer 1 of 25 The externality where marginal private cost is less than marginal social cost Negative 2 of 25 The elasticity showing the relationship between two goods Cross 3 of 25 The policy using Government spending and taxation Fiscal 4 of 25 The surplus area below demand and above price Consumer 5 of 25 A price rise when PED is inelastic will generate a total revenue ..... Rise 6 of 25 Spare capacity makes supply ..... Elastic 7 of 25 The price mechanism acts to do what to scarce resources Ration 8 of 25 A price and quantity rise is caused when what rises? Demand 9 of 25 A market intervention system used to stabilise markets Buffer stock 10 of 25 A negative income elastic good Inferior 11 of 25 Aggregate demand component Investment 12 of 25 1/marginal propensity to withdraw showing the knock-on effects to other Multiplier 13 of 25 The next best alternative Opportunity cost 14 of 25 A value judgement statement Normative 15 of 25 A value statement that can be tested and proven correct or incorrect Positive 16 of 25 Increasing the National Minimum Wage will increase give rise to what? Excess supply 17 of 25 Removing regulations is an example of what macro policy Supply side 18 of 25 A downturn in the economy may result in this type of unemployment Cyclical 19 of 25 Inflation caused by increases in raw material prices Cost push 20 of 25 The fiscal policy approach to cure demand pull inflation Deflationary 21 of 25 A potential problem of Aggregate Demand Management policies Trade off 22 of 25 The loss incurred when at the market rather than the social output level Deadweight 23 of 25 The cost incurred by the third party External 24 of 25 When demand increases how is supply impacted? Extension of supply 25 of 25
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