A

Absolute advantage

Accounting Costs

Accounting Profit

Actual Employment

Advantage of a subsidy

Advantages & disadvantages of batch production

Advantages & disadvantages of flow (mass) production

Advantages & disadvantages of job production

Advantages of a maximum price

Advantages of price competition/non price competition

Allocation & ownership of resources in different economic systems

Allocative Efficiency

Allocative efficiency and a PPC

Anti-dumping laws (regulations)

Applying the equi-marginal rule

Arguments for protectionism

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 Tax Rate

Average Total Costs (ATC or AC)

Average Variable Costs (AVC)

B

Barriers to contestable markets

Barriers to entry-monopoly power

Batch production

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 allocative efficiency (Maximum price)

Changes in allocative efficiency (Protectionism)

Changes in allocative efficiency (Subsidy)

Changes in allocative efficiency (Tax)

Changes in consumer surplus (Maximum price)

Changes in consumer surplus (Protectionism)

Changes in consumer surplus (Subsidy)

Changes in consumer surplus (Tax)

Changes in price and output

Changes in producer surplus (Maximum price)

Changes in producer surplus (Protectionism)

Changes in producer surplus (Subsidy)

Changes in producer surplus (Tax)

Characteristics of an oligopoly market

Charging for a Public Good

Choice

Collective Good

Collusion

Command economy

Commercial economies

Comparative advantage

Complements

Complements and CED

Concentration ratio

Conditions for Allocative Efficiency

Conditions required to achieve allocative efficiency

Consumer

Consumer Demand

Consumer equilibrium (maximising utility)- a single good

Consumer equilibrium (maximising utility)-two or more goods

Consumer Sovereignty

Consumer Surplus (CS)

Consumer Surplus-basics

Consumer Surplus-Maximum Price

Consumer Surplus-Protectionism

Consumer Surplus-Subsidy

Consumer Surplus-Tax

Consumption spending-the two sector model

Contestable markets

Controlling a monopoly

Cost Benefit Analysis-Worked Example

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

D

Deadweight loss for a natural monopoly

Deadweight Loss-Maximum 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 for Labour

Demand for labour curve-shifts

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

Distribution of Income

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 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

Embargo (trade barrier)

Employment argument for protectionism

Entrepreneur

Entry limit pricing

Equality

Equality of Income

Equi-marginal Rule

Equilibrium

Equilibrium for imperfect competition

Equilibrium output for a natural monopoly

Equity

Equity Efficiency Trade-Off

Equity of Income

Equity/Efficiency trade-off

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

Fiscal drag

Fixed Costs (FC)

Floor Price

Flow (mass) production

Foreign Sector

Free Goods

Free Trade

Free trade-exports

Free trade-imports

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

How will it be produced?

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

Import licences or quotas (trade barrier)

Imposing a tariff

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

Inequality and taxes

Inequality and the government

Inequality and the Lorenz Curve

Infant industry argument

Inferior Goods and YED

Injections

Interdependence-the two sector model

Interest

Interest-reward for capital resources

Investment-the two sector model

Involuntary Unemployment

J

Job production

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

Lorenz Curve

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 Tax Rate

Marginal Utility

Mark-up pricing in imperfect competition

Market Demand

Market Economic System

Market failure

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

Minimum Wage

Mixed Economic System

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

Neutral good-indifference curve

No barriers to entry

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

Offshoring

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 Information (Knowledge)

Perfect knowledge perfect competition

Perfect mobility of factors

Perfect substitutes-indifference curve

Perfectly Competitive Labour Market

Perfectly Competitive Labour Market

Perfectly inelastic supply

Planned Economic System

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

Policies to promote free trade

Polluter-Pays Principle

Positive cross elasticity of demand

Positive Externality of Consumption

Positive Externality of Production

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-Maximum Price

Producer Surplus-Protectionism

Producer Surplus-Subsidy

Producer Surplus-Tax

Producer-the two sector model

Product Differentiation

Production

Production efficiency and a PPC

Production Possibility Curve

Productivity

Profit

Profit maximising rule for imperfect competition

Profit maximising rule for perfect competition

Profit-reward for entrepreneurship

Progressive Tax

Property Rights

Protectionism

Public Good

Q

Quota

R

Real flows-two sector model

Reason for a bowed PPC

Reason for a straight line PPC

Reason for the downward slope of the demand for labour curve

Reason for the slope of the supply of labour curve

Reasons for a free trade agreements

Reasons for a maximum price

Reasons for a minimum price

Reasons for a shift of the demand for labour curve

Reasons for a shift of the supply of labour curve

Reasons for diseconomies of scale

Reasons for earning different incomes

Reasons for economies of scale

Reasons for free trade

Reasons why government imposes taxes

Regressive Tax

Related Goods

Removing a tariff

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)

Roles of Government

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

Social (external) benefits-CBA

Social (external) costs-CBA

Specialisation

Sticky wages

Straight Line Production Possibility Curve

Strategic (essential industry) argument

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 of Labour

Supply of labour curve-shifts

Supply Over Time

Supply schedule

Surplus

T

Tacit (informal) collusion

Tariffs

Tax Avoidance

Tax Evasion

Tax take and the business cycle

Technical economies

Technical Optimum

Tertiary Sector

The 45 Degree Line

The basic economic problem

The internet and contestability

The Labour Market

The real cost of a decision

The reason for diminishing returns

Three basic questions

Total Costs (TC)

Total Utility

Trade Unions and Wage Determination

Traditional Economic System

Types of taxes

U

Unequal rewards and income inequality

Unitary Demand

Using utility to determine the order of purchases

Utility

Utils

V

Values conflict and compromises

Values influence decisions made

Values people hold

Variable Costs (VC)

Voluntary Unemployment

W

Wages

Wages-reward for human resources

Wants

Wealth and inequality

What will be produced?

When is supply elasticity higher/lower

When will a firm break even

When will a firm shut-down

Where will a market clear

Who will get what is produced?

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