Summary
Summary Microeconomics Definitions
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- AQA
definitions for AS A Level Microeconomics
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Some examples from this set of practice questions
1.
what is a competitive market?
Answer: A market with many buyers and sellers, good market information and ease of entry and exit
2.
what is composite demand?
Answer: where the product is required more than one use; an increase in demand for one use will lead to a decrease in supply of the good for another
3.
what is cross price elasticity of demand?
Answer: A measure of the percentage change in quantity demanded of one good resulting from a percentage change in the price of another good
4.
what is a demerit good?
Answer: A good which generates negative externalities in consumption
5.
what is derived demand?
Answer: The demand for a factor of production used to produce another good
6.
what are economies of scale?
Answer: falling average costs as the size of the firm increases
7.
what is equilibrium price?
Answer: The price at which quantity demanded and quantity supplied are equal and there is no excess supply or demand
8.
what are external costs?
Answer: A harmful or negative side effects of an economic activity
9.
what are externalities?
Answer: effects on a third-party as a result of an economic transaction
10.
what are factors of production?
Answer: economic resources used to produce goods and services
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