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Economics A level A - D

A period in which the general level of prices falls.
Shows the boundry of an individual's consumption set, given the amounts available
A situation in which government expenditure exceeds government expenditure
A set of accounts showing transactions the residents of one country to the rest of the world.
A measure of the general level price increases.
Tax levied directly on income
Decisions on resource allocation guided by the state
A good bring less benefit to consumers than they expect. consumption is normally too high
Supernormal profit
Increase in the value of a currency in a floating exchange raet system
A brand of economics that builds on the psychology of human behaviour
One reason for inflation
Totoal anoubt of effective demand in the economy
A market in which the existing firm makes only normal profit because it cannot set its price high enough without attracting entry of other firms.
Loss of consumer surplus that arises when a monopoly restricts output and raises prices.
The ability to produce a good relatively more efficiently
Tax as a percentage of the price
An agreement between firms on price and output with the intention of maximising their joint profits.
Total cost divided by units produced
Two products are said to be complements when using the one together with the other enhances the usage of both.