AQA GCSE Economics Terms And Definitions - Microeconomics

Cost per unit of production.

Revenue per unit sold.

Mutual financial institution owned by members.

Human-made aids to production.

Rivalry among firms for consumer sales.

User of goods or services.

Desire and ability to buy goods or services.

Allocation of scarce resources.

Allocation of limited resources to satisfy unlimited wants.

Cost advantages from increased production.

Optimal use of scarce resources.

Demand sensitive to price changes.

Supply responsive to price changes.

Organizes other factors of production.

Balance of demand and supply.

Tangible product.

Authority managing a country's affairs.

Earnings before deductions.

Tax on personal income.

Personal demand for goods or services.

Personal supply of goods or services.

Demand less sensitive to price changes.

Supply less responsive to price changes.

Government providing data to influence behavior.

Premium for compensation against loss.

Workforce in physical and mental production.

Where labor is bought and sold.

Natural resources.

Inverse relationship between price and quantity demanded.

Direct relationship between price and quantity supplied.

Laws regulating behavior.

Negative profit.

Meeting place for buyers and sellers.

Total demand for a good or service.

Allocation of resources by supply and demand.

Contribution for state benefits.

Essential for survival.

Harmful effect on third parties.

Earnings after deductions.

Market dominated by few firms.

Value of next best alternative.

Post-retirement payments.

Beneficial effect on third parties.

Responsiveness of demand to price changes.

Responsiveness of supply to price changes.

Extraction of natural resources.

Maker of goods or provider of services.

Final goods or services market.

Output of goods and services.

Rules governing behavior.

Insufficient to satisfy all wants.

Manufacturing and construction.

Intangible product.

Change in entire demand/supply curve.

Concentration on producing best-suited products.

Government directly providing goods and services.

Government grant to encourage consumption.

Willingness and ability to provide goods and services.

Number of people willing and able to work.

Mandatory payment to the government.

Service-oriented economic activities.

Sum of all costs.

Total income from sales.

Infinite desire for goods and services.

Non-essential desire.