a-level_economics_definition_经济定义.pdf

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1、ImportantTerms&Definitions

2、H2EconomicsIMPORTANTTERMS&DEFINITIONS[ECONOMICS]Microeconomics1.IntroductiontoEconomicsScarcitySituationwherelimitedresourcesavailableunabletosatisfyunlimitedhumanwantsOpportunityCost(OC)Costofanyactivitymeasuredintermsofnext

3、bestalternativeforgoneProductionPossibilityCurveShowsalldifferentmaximumattainablecombinationsofgoods&(PPC)servicesproducedwhenallavailableresourcesareusedefficientlyatgivenstateoftechnologyLawofIncreasingOpportunityAsmoreofagoodisproduced,moreofanothe

4、rgoodhastobeCostsacrificedinproductionComparativeAdvantageWhenonecanperformanactivityataloweropportunitycostthananyoneelseLawofComparativeAdvantageTradecanbenefitcountriesiftheyspecializeingoodsinwhichtheyhaveacomparativeadvantage2.Demand&SupplyLawofDe

5、mandInverserelationshipexistsbetweenpriceofgoodandquantitydemandedofgood,ceterisparibusLawofSupplyDirectrelationshipexistsbetweenpriceofgoodandquantitysuppliedofgood,ceterisparibusPriceElasticityofDemand(PED)Degreeofresponsivenessofquantitydemandedofgo

6、odtoachangeinitsownprice,ceterisparibusIncomeElasticityofDemandDegreeofresponsivenessofdemandtoachangeinincomeof(YED)consumers,ceterisparibusCrossElasticityofDemand(XED)Degreeofresponsivenessofdemandforoneproducttoachangeinpriceofanother,ceterisparibus

7、PriceElasticityofSupply(PES)Degreeofresponsivenessofquantitysuppliedofgoodtoachangeinitsownprice,ceterisparibusConsumerSurplus(CS)ExcessofpricebuyerswillingandabletopayforgoodoveractualpricepaidProducerSurplus(PS)Excessofwhatproducerwillingandabletoput

8、upforsaleforagoodoveractualpricepaidDeadweightLossLossinwelfarenotgainedbyanyoneinsocietyTaxIncidenceDivisionoftaxbetweenconsumers&producersSubsidiesFixedamountofmoneygiventoproducersforeachunitsoldthatlowerscostofgoodPriceFloor(minimumprice)Legallyest

9、ablishedminimumpriceabovemarketequilibriumpricePriceCeiling(maximumprice)LegallyestablishedmaximumpricebelowmarketequilibriumpriceBlackMarketMarketwheresellersignoregovernment’spricerestrictions&sellillegallyatwhateverpriceequatesillega