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Related Flashcards
Related Topics
Cards In This Set
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Occupational Immobility
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The lack of skill, knowledge and/or ability to perform a job. Often due to structural unemployment.
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Geographical Immobility
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Difficulty moving/commuting to where employment opportunities are. EG family reasons, costs of moving house/rent.
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Income
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A flow of earnings to a factor of production over a period of time.
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Wealth
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A stock of owned assets. EG housing property or a portfolio of shares.
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Indirect tax
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Taxes on spending.
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Pollution permit
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A permit sold to firms by the government allowing them to pollute up to a certain limit.
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Law of Unintended Consequences
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When the actions of consumers, producers and/or governments have effects that are unanticipated.
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Inflation
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A sustained rise in the general price level
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Economies of scale
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Where an increase in production leads to a lower Average Total Cost (ATC)
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Diseconomies of scale
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Where an increase in production leads to a higher Average Total Cost (ATC)
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Competition
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A market situation in which there are a large number of buyers and sellers.
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Monopoly
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A market structure dominated by a single seller of a good or service.
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Externalities
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Cost/Benefits that spillover to an external third party, not involved in an economic transaction.
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Marginal Private Cost (MPC)/Marginal Private Benefit (MPB)
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The cost/benefit to an individual or firm of an economic transaction.
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Marginal External Cost (MEC)/Marginal External Benefit (MEB)
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The cost/benefit spillover to a 3rd party not involved in the economic transaction
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