Economics

This occurs when previously unemployed factors of production are brought in to use. It is represented by a movement from a point within a PPC to a new point nearer to the PPC.

• actual growth

• growth in production possibilities

• economic growth

• production growth

The extra cost to society of producing an additional unit of output, including both the private cost and the external costs.

• external cost

• marginal social cost

• societal cost

• welfare loss

The ability of a firm to influence or control the terms and condition on which goods are bought and sold.

• predatory pricing

• government intervention

• market power

• market failure

It is a market structure in which one seller controls a market for a product or service without competition from other sellers.

• monopolistic competition

• oligopoly

• price discrimination

• monopoly

Which of the following is NOT a characteristic of a perfect competition?

• price taker

• barriers to entry and exit

• many and small firms

• perfect information

It refers to a situation when firms or economies produce maximum output at the lowest possible cost. 

• productive efficiency

• allocative efficiency

• market equilibrium

• economies of scale

This occurs where the marginal social cost of producing a good is equal to the marginal social benefit of the good to society. In different words, it occurs where the marginal cost of producing a good (including any external costs) is equal to the price that is charged to consumers.

• productive efficiency

• allocative efficiency

• market equilibrium

• socially optimum output

It is the concept that individuals and organizations seek to attain the highest level of satisfaction from their economic decisions.

• sustainability

• market efficiency

• income equality

• utility maximisation

This occurs where the price of a good is lower than the equilibrium price, such that the quantity demanded is greater than the quantity supplied.

• excess supply or surplus

• welfare loss

• excess demand or shortage

• market failure

Natural resources over which there is no established private ownership—they are non-excludable, but rivalrous.

• public goods

• common access resources

• economic goods

• factors of production