The Economics Game
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Original post by sweetascandy
Consumer surplus - the difference between how much customers pay and how much they're willing to pay (i think!) 
Subsidy (A sum of money given to an industry by the government)
EDIT: Ooops...I realised I made a mistake and used the last letter
(edited 12 years ago)
Original post by usycool1
Subsidy (A sum of money given to an industry by the government)
Demand-pull inflation - inflationary pressures caused by an increase in AD
I love this game
Original post by sweetascandy
Demand-pull inflation - inflationary pressures caused by an increase in AD
I love this game
I love this game
Opportunity Cost-The next best alternative forgone when making a choice.
Me too
Original post by usycool1
Opportunity Cost-The next best alternative forgone when making a choice.
Me too
Me too
Supply-side policy - government policies used to increase the productive potential of the economy
(Love how it is just us playing atm
)Original post by sweetascandy
Supply-side policy - government policies used to increase the productive potential of the economy
(Love how it is just us playing atm)
(Love how it is just us playing atm
)Competitive advantage- something that gives a firm an advantage over its competing firms.
(Lol yh
You doing A-Level economics?)Original post by usycool1
Competitive advantage- something that gives a firm an advantage over its competing firms.
(Lol yh You doing A-Level economics?)
(Lol yh
You doing A-Level economics?)Giffen good - a good which has higher demand at a higher price so the demand curve shifts upwards (apologies for the badly phrased definition!
)(And yes I am
Are you?)Original post by sweetascandy
Giffen good - a good which has higher demand at a higher price so the demand curve shifts upwards (apologies for the badly phrased definition! )
(And yes I am Are you?)
)(And yes I am
Are you?)Oligopoly-When a few firms dominate a market
(Nope, I'm doing GCSE (Although my teacher may put us in for AS this year too))
Original post by usycool1
Oligopoly-When a few firms dominate a market
(Nope, I'm doing GCSE (Although my teacher may put us in for AS this year too))
(Nope, I'm doing GCSE (Although my teacher may put us in for AS this year too))
Luxury good - a good which high income earners buy, with an elasticity greater than 1 (i think)
(Oh, so you're in year 11?)
Original post by sweetascandy
Luxury good - a good which high income earners buy, with an elasticity greater than 1 (i think)
(Oh, so you're in year 11?)
(Oh, so you're in year 11?)
OECD- The organisation for economic co-operation and development.
(Yup, I'm in year 11. What about you?)
Original post by usycool1
OECD- The organisation for economic co-operation and development.
(Yup, I'm in year 11. What about you?)
(Yup, I'm in year 11. What about you?)
Cobweb theory - a theory which explains the price fluctuations in an agricultural market.
(I'm in year 13. You know quite a lot for someone who's in year 13!
)Original post by sweetascandy
Cobweb theory - a theory which explains the price fluctuations in an agricultural market.
(I'm in year 13. You know quite a lot for someone who's in year 13!)
(I'm in year 13. You know quite a lot for someone who's in year 13!
)Regressive tax- A tax that takes a smaller proportion of the income as the taxpayer's income increases
(Thanks
What A-Levels are you doing?)Original post by usycool1
Regressive tax- A tax that takes a smaller proportion of the income as the taxpayer's income increases
(Thanks What A-Levels are you doing?)
(Thanks
What A-Levels are you doing?)Aggregate supply - the total level of supply in the national economy.
(I'm doing Maths, Further Maths, Physics and Economics... I dropped Chemistry after AS
)(edited 12 years ago)
Original post by sweetascandy
Aggregate supply - the total level of supply in the national economy.
(I'm doing Maths, Further Maths, Physics and Economics... I dropped Chemistry after AS :relief
(I'm doing Maths, Further Maths, Physics and Economics... I dropped Chemistry after AS :relief
Lorenz curve - A curve measuring the inequalities in the distribution of income.
Original post by joshgoldman
Lorenz curve - A curve measuring the inequalities in the distribution of income.
Velocity (of money)- a measure of how quick money is circulated through the economy
(Congrats on your LSE offer btw! I'm still waiting...
)Original post by sweetascandy
Velocity (of money)- a measure of how quick money is circulated through the economy
(Congrats on your LSE offer btw! I'm still waiting...)
(Congrats on your LSE offer btw! I'm still waiting...
)Tax - A fee levied by a Government on a product, income, or activity.
Thanks! Did you apply for SwF too?
(edited 12 years ago)
Original post by joshgoldman
A fee levied by a Government on a product, income, or activity.
Thanks! Did you apply for SwF too?
Thanks! Did you apply for SwF too?
You wrote the definition without writing the key term :/
And no, I applied for straight economics
Original post by sweetascandy
You wrote the definition without writing the key term :/
And no, I applied for straight economics
And no, I applied for straight economics
Oops, me being an idiot. Makes the game even more interesting!
Original post by joshgoldman
Oops, me being an idiot. Makes the game even more interesting!
And that, my friend, has put an end to this game -_______-
Original post by sweetascandy
And that, my friend, has put an end to this game -_______-
Nope, edited it now!
Original post by joshgoldman
Tax - A fee levied by a Government on a product, income, or activity.
Thanks! Did you apply for SwF too?
Thanks! Did you apply for SwF too?
Asymmetric information - when has greater knowledge than in a market, therefore making business more difficult.
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