A

Absolute advantage

Accounting Costs

Accounting Profit

Advantage of a subsidy

Advantages of a maximum price

Advantages of price competition/non price competition

Allocative Efficiency

Applying the equi-marginal rule

Assumptions made about a PPC

Assumptions-contestable market

Average cost pricing for a natural monopoly

Average cost pricing in imperfect competition

Average Fixed Costs (AFC)

Average Total Costs (ATC or AC)

Average Variable Costs (AVC)

B

Barriers to contestable markets

Barriers to entry-monopoly power

Best measure used to determine future output

Best measure used to determine quality of life

Black market & a maximum price

Bowed Production Possibility Curve

Break-Even

C

Calculating cross elasticity of demand

Calculating income elasticity of demand

Calculating price elasticity of demand

Calculating supply elasticity

Calculating the value of consumer surplus

Calculating the value of producer surplus

Calculations & a maximum price

Calculations & a minimum price

Capital Intensive

Capital Resources

Ceiling Price

Ceteris Paribus

Changes in price and output

Characteristics of an oligopoly market

Charging for a Public Good

Choice

Collective Good

Collusion

Commercial economies

Comparative advantage

Comparing a value over a number of years

Comparing a value within a year

Complements

Complements and CED

Concentration ratio

Constant Values

Consumer

Consumer Demand

Consumer equilibrium (maximising utility)- a single good

Consumer equilibrium (maximising utility)-two or more goods

Consumer Surplus (CS)

Consumer Surplus-basics

Consumer Surplus-Free Trade

Consumer Surplus-Maximum Price

Consumer Surplus-Minimum Price

Consumer Surplus-Protectionism

Consumer Surplus-Subsidy

Consumer Surplus-Tax

Consumption spending-the two sector model

Contestable markets

Controlling a monopoly

Cost to Government of a Subsidy

Costs directly related to production

Costs independent of output

Costs of Production

Covert (formal) collusion

Cross Elasticity of Demand

Current Values

D

Deadweight loss for a natural monopoly

Deadweight Loss-Free Trade

Deadweight Loss-Maximum Price

Deadweight Loss-Minimum Price

Deadweight Loss-Protectionism

Deadweight Loss-Subsidy

Deadweight Loss-Tax

Deadweight Loss/Allocative Efficiency

Decrease in quantity demanded

Decrease in quantity supplied

Decreasing returns to a factor

Demand

Demand curve and a range of elasticities

Demand elasticity

Demand schedule

Demerit Good

Derived demand

Deriving a demand schedule using utility

Deriving a Firm's Supply Curve from the Marginal Cost Curve

Determinants of Demand

Determinants of Supply

Diminishing returns and marginal costs

Disdvantage of a subsidy

Diseconomies of Scale

Distinguishing between price & cost

Division of Labour (DOL)

Downward-sloping average cost curve for a natural monopoly

Duopoly

E

Economic concepts illustrated by a PPC

Economic Costs

Economic Goods

Economic Growth

Economic Profit

Economies of Scale

Elastic Demand

Elastic demand and incidence of a subsidy on buyers & sellers

Elastic demand and incidence of a tax on buyers & sellers

Elastic supply

Elasticity and the slope of a demand curve

Elasticity and the slope of a supply curve

Elasticity of supply-Long Run Time Period

Elasticity of supply-Momentary Time Period

Elasticity of supply-Short Run Time Period

Entrepreneur

Entry limit pricing

Equi-marginal Rule

Equilibrium

Equilibrium for imperfect competition

Equilibrium output for a natural monopoly

Examples of fixed costs

Examples of variable costs

Excess Demand

Excess Supply

Excludable by price

Explicit Costs

Externalities of Consumption

Externalities of Production

F

Factors of Production

Factors that determine supply elasticity

Features of a demand schedule

Features of products that are elastic in nature

Features of products that are inelastic in nature

Features or characteristics of a natural monopoly

Financial economies

Financial Intermediaries

Firms Sector

Fixed Costs (FC)

Floor Price

Foreign Sector

Free Goods

Free-Rider Problem

G

Game Theory

Game Theory and Auctions

Game Theory-The Play Safe Option

Game Theory–Collusion

Goods

Government ownership of a natural monopoly

Government Sector

Government Tax Revenue

H

Hit and run entry

Homogeneous Product

Household Sector

Household-the two sector model

How to calculate the value of consumer spending

How to construct a demand schedule

How to derive market demand

How to derive market supply

How to illustrate a per unit sales tax

How to illustrate a per unit subsidy

How to illustrate a price change on a demand curve

How to illustrate a price change on a supply curve

Human Resources

I

Impact of a subsidy on consumers

Impact of a subsidy on producers

Impact of an indirect tax on consumers

Impact of an indirect tax on producers

Imperfectly Competitive Labour Market

Implicit Costs

Improving productivity

Improving productivity-Division of labour

Improving productivity-Specialisation

Incidence of a Sales Tax

Incidence of a Subsidy

Income Effects with Indifference Curves

Income elasticity and the importance of the coefficient

Income elasticity of demand

Increase in quantity demanded

Increase in quantity supplied

Increasing returns to a factor

Indifference Curves

Indifference Curves-Budget Lines

Indirect Tax

Individual demand

Inelastic Demand

Inelastic demand and incidence of a subsidy on buyers & sellers

Inelastic demand and incidence of a tax on buyers & sellers

Inelastic supply

Inferior Goods and YED

Injections

Interdependence-the two sector model

Interest

Interest-reward for capital resources

Investment-the two sector model

K

Kinked demand curve phenomenon

L

Labour Intensive

Law of Demand

Law of Diminishing Marginal Utility

Law of Diminishing Returns

Law of Supply

Leakages

Limited Means

Loss leader

Luxuries and YED

M

Managerial economies

Marginal analysis for a monopoly

Marginal analysis for a natural monopoly

Marginal analysis for perfect competition

Marginal cost for a natural monopoly

Marginal cost of labour (MCL)

Marginal cost pricing for a natural monopoly

Marginal cost pricing perfect competition

Marginal Costs (MC)

Marginal physical product of labour (MPPL)

Marginal product of labour

Marginal revenue product of labour (MRPL)

Marginal Utility

Mark-up pricing in imperfect competition

Market Demand

Market Supply

Marketing costs-contestable markets

Maximum Price Control

Merit Good

Mid-point method to calculate cross elasticity of demand

Mid-point method to calculate income elasticity of demand

Mid-point method to calculate price elasticity of demand

Mid-point method to calculate price elasticity of supply

Minimum Price Control

Money flows-two sector model

Monopolist Competition

Monopoly (Monopolist)

Monopsony

Movements along a Demand Curve

Movements along a Supply Curve

MR greater than MC (missing out on marginal profits) for imperfect competition

MR greater than MC (missing out on marginal profits) for perfect competition

MR less than MC (making marginal losses) for imperfect competition

MR less than MC (making marginal losses) for perfect competition

MUa/Price A =MUb/Price B

N

Nash Equilibrium

Natural Monopoly

Natural Resources

Necessities and YED

Negative cross elasticity of demand

Negative Externality of Consumption

Negative Externality of Production

Negative utility-indifference curve

Net Social Welfare

Neutral good-indifference curve

No barriers to entry

Nominal GDP

Non Zero Sum Game

Non-excludable by price

Non-Price Competition

Non-Renewable Resources

Non-rival

Normal goods and inferior goods

Normal Goods and YED

Normal Profit

O

Objectives of an oligopoly-sales revenue maximisation

Objectives of an oligopoly-sales volume maximisation

Objectives of an oligopoly-satisficing

Objectives of an oligopoly-survival

Oligopoly

Opportunity Cost

Optimum purchase rule

P

Patents-contestable markets

Percentage method to calculate cross elasticity of demand

Percentage method to calculate income elasticity of demand

Percentage method to calculate price elasticity of demand

Percentage method to calculate price elasticity of supply

Perfect Competition

Perfect complement-indifference curve

Perfect knowledge perfect competition

Perfect substitutes-indifference curve

Perfectly Competitive Labour Market

Perfectly Competitive Labour Market

Perfectly inelastic supply

Policies concerning a natural monopoly

Policies for negative externalities of consumption

Policies for negative externalities of production

Policies for positive externalities of consumption

Policies for positive externalities of production

Polluter-Pays Principle

Positive cross elasticity of demand

Positive Externality of Consumption

Positive Externality of Production

PPC illustrating an increase in productive capacity

PPC illustrating an increase in real GDP

PPC-Choice

PPC-Opportunity cost

PPC-Scarcity

PPC-Slope

Predatory Pricing-contestable markets

Price at which a firm will break even

Price at which a firm will shut-down

Price Competition

Price control for a monopoly

Price elasticity of demand

Price elasticity of supply

Price equals Marginal Utility (P=MU)

Price per unit a firm receives with a sales tax

Price per unit a firm receives with a subsidy

Price Taker

Price Wars

Pricing in imperfect competition

Primary Sector

Private Good

Producer

Producer Surplus (PS)

Producer Surplus-basics

Producer Surplus-Free Trade

Producer Surplus-Maximum Price

Producer Surplus-Minimum Price

Producer Surplus-Protectionism

Producer Surplus-Subsidy

Producer Surplus-Tax

Producer-the two sector model

Product Differentiation

Production

Production Possibility Curve

Productive Capacity

Productivity

Profit

Profit maximising rule for imperfect competition

Profit maximising rule for perfect competition

Profit-reward for entrepreneurship

Property Rights

Public Good

R

Real flows-two sector model

Real GDP

Real Income

Real Values

Reason for a bowed PPC

Reason for a straight line PPC

Reasons for a maximum price

Reasons for a minimum price

Reasons for an increase in productive capacity

Reasons for diseconomies of scale

Reasons for economies of scale

Related Goods

Renewable Resources

Rent

Rent-reward for natural resources

Resources

Revenue (TR/AR/MR) imperfect competiton

Revenue (TR/AR/MR) perfect competition

Revenue method to calculate price elasticity of demand

Risk bearing economies

Rival (or depletable)

S

Savings-the two sector model

Scarcity

Secondary Sector

Service

Shape of a PPC

Shifts of the Demand Curve

Shifts of the Supply Curve

Shortage

Shut-Down

Single or dominant buyer of labour

Specialisation

Straight Line Production Possibility Curve

Strategies that a firm can use to increase its market share or increase sales

Subnormal Profit

Subsidy

Substitutes

Substitutes and CED

Substitution Effects with Indifference Curves

Sunk Costs-contestable markets

Supernormal Profit

Supply

Supply curve and a range of elasticities

Supply elasticity

Supply in the Long-Run

Supply in the Short-Run

Supply Over Time

Supply schedule

Surplus

T

Tacit (informal) collusion

Technical economies

Technical Optimum

Tertiary Sector

The basic economic problem

The internet and contestability

The real cost of a decision

The reason for diminishing returns

Total Costs (TC)

Total Utility

Trade Unions and Wage Determination

U

Unitary Demand

Using utility to determine the order of purchases

Utility

Utils

V

Variable Costs (VC)

W

Wages

Wages-reward for human resources

Wants

When is supply elasticity higher/lower

When will a firm break even

When will a firm shut-down

Where will a market clear

Why a firms experiences diminishing returns in the short run

Why can individuals not have everything they want

Why diminishing returns causes a firm's marginal costs to increase

Why is demand limited and wants unlimited

X

X inefficiency

Z

Zero Sum Game