Edexcel A-Level Economics Theme 1: Introduction to Markets and Market Failure

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Economics is a __ science that studies society and relationships between people.

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social

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The __ assumption allows economists to isolate the relationship between two variables by holding all other factors constant.

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ceteris paribus

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These flashcards cover key concepts and terminologies from the Edexcel A-Level Economics course theme focused on markets and market failure.

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10 Terms

1
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Economics is a __ science that studies society and relationships between people.

social

2
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The __ assumption allows economists to isolate the relationship between two variables by holding all other factors constant.

ceteris paribus

3
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Positive statements are __ statements that can be tested and validated.

objective

4
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Negative externalities occur when social costs exceed __ costs in production or consumption.

private

5
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Public goods are characterized by __ and non-excludability, making them difficult to supply in a market.

non-rivalry

6
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A minimum price is a __ price that cannot be exceeded by producers.

legally imposed maximum

7
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The __ function of the price mechanism occurs when prices signal to producers where resources are needed.

signalling

8
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An indirect tax causes the supply curve to shift __, leading to a higher market price and reduced quantity demanded.

inward

9
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The __ refers to the unintended consequences of government actions, often resulting in market failure.

law of unintended consequences

10
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Information failure occurs when consumers lack __, leading to potentially poor decision making.

accurate information