ACDEC ECON

Front

Surplus

Back

when the amount of a resource or asset is greater than what is being used

Front

Equilibrium

Back

the state in which market supply and demand balance each other, and as a result prices become stable

Front

Pareto

Back

when an economy has its resources and goods to the maximum level of efficiency, and no change can be made without making someone worse off.

Front

Positive relationship

Back

When two variable move in the same direction

Front

Negative relationship

Back

when two variables move in opposite directions

Front

Perfectly competitive market

Back

suppliers are equal, and there are no barriers to entry or exit

Front

Types of goods

Back

Private goods,common resources,collective goods and public goods.

Front

Scarcity

Back

the idea that the demand for a good or service is greater than the supply

Front

Entry/exit of firms

Back

Ensure that firms earn zero market economic profits

Front

Capital goods

Back

Used to produce other goods