ECONOMICS REVISION STARTER

Initial revision crossword starter

?
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

Other cards in this set

Card 2

Front

The externality where marginal private cost is less than marginal social cost

Back

Negative

Card 3

Front

The elasticity showing the relationship between two goods

Back

Preview of the front of card 3

Card 4

Front

The policy using Government spending and taxation

Back

Preview of the front of card 4

Card 5

Front

The surplus area below demand and above price

Back

Preview of the front of card 5
View more cards

Comments

No comments have yet been made

Similar Economics resources:

See all Economics resources »See all Revision resources »