Some micro definitions needs polishing Watch

Definitions are the same in every examboard, right?

Command Economy: Economic system where in which decisions about production and consumption are made by a planning authority, usually the govt

External benefits: Positive spill over effects arising from an economic transaction

External Cost: Negative spillover effects arising from an economic transaction

Free market economy: Economic system where resources are allocated by the price mechanism

Free rider problem: When a person consumes a good without paying for it

Imperfect market information: Consumers lacking knowledge to make rational choices

Indirect tax: Tax on expenditure

Mixed economy: Where resources are partly allocated by the price mechanism and partly by the govt

Normative statement: Value judgement that can't be test as true or false

Opportunity cost: Value of the next best alternative forgone

Positive statement: Factual statement that can be tested as true or false

Private benefit: Benefit of an economic activity to a consumer or firm

Private cost: Cost of an economic activity to a consumer or firm

Production possibility frontier: Maximum possible combinations of 2 goods/services an economy can achieve when all resources are fully employed

Renewable resources: Resources that regenerate through natural processes

Scarcity: Infinite wants and needs but finite resources to satisfy them

Specialization: Labour allocate all their time to produce a good or service

Sustainable resource: Resource that are exploited in such a way that it will never run out

Tradeable Pollution Permits: Permits that allow firms to pollute

Yes, they are. There are more than this for Unit 1, eg all of the elasticities.

Yea, I got it all in my head.

I just wanted to check these definitions to see if they are correct

For external costs I'd say "costs incurred to third parties and society which is not accounted for by the price mechanism from a private market transaction"