Economics

Economics Glossary AVERAGE TOTAL COST- Total costs (both sinkd and variable) of fruit divided by output. Represented diagrammatically as a U shape on the cost curves diagram. BARRIERS TO ENTRY- Conditions which dampen new companies/firms entering a market e.g. high costs, patents, qualifications, prevalent market sh are by an existing firm etc. BARRIERS TO EXIT- Conditions which absorb it difficult to leave a market whether you own or are leasing your premises and machinery, how easy or difficult it is to consider your capital second hand etc. BRAND LOYALTY- When consumers deplete a preference for a particular brand over all other alternatives. CAPITAL- The machinery of production. Anything used to make a vision into a good or service. One of the four Factors of turnout. COMMAND ECONOMY- An economy in which everything is controlled by the state, all production of goods and services is planned, produced and distributed by the government e.g. the spring Soviet Union, former republic of China, Cuba and North Korea. DEMAND- The quantity of a product that consumers are willing and able to buy. DEMAND CURVE Diagram presentation the inverse relationship between impairment of a product and the quantity leaded.

Most demand curves slope downwards as when the price of a good reduces the quantity demanded increases., this is caused by the income establish and the substitution effect (see definitions) A revision in price causes movement along the curve (extension or contraction) and a throw in any other factor affecting demand causes the whole curve to move to the right or the left. breeze The responsiveness or sensitivity of demand to a deepen in price. If demand for a good doesnt change much in response to a change in price it is an inelastic good. If the demand for a good changes more(prenominal) than the change in price it is an elastic good. ENTERPRISE- Entrepreneurial foreplay into production. People who take the risks in starting new businesses and decide how the... If you want to get a full essay, order it on our website: Orderessay

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