BSB113 Economics Definitions.docx

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Management and Human Resources
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BSB113 Economics Definitions Supply Curve - quantity that a firm supplies to the market at a given price Market Supply - sum of the supplies of all firms active on a market Excess Demand - demand is larger than supply, usually because price is too low. Excess Supply - supply in a market is larger than demand, usually the price is too high Pareto Efficiency - an allocation is pareto efficient if no member of a society can be made better off without making at least one member worse off Consumption Possibilities - the set of possible combinations of goods an economic unit can choose the goods it wants to consume from Consumer Surplus - the benefit that consumers derive from market interaction Producer Surplus - the benefit that all producers derive from market interaction Market Equilibrium is an efficient allocation - perfect markets are efficient because they maximise the sum of producer and consumer surplus Tax Revenue - the money collected by government from tax Deadweight Loss of Taxation - the reduction in the sum of consumer and producer surplus that is not compensated by the tax revenue Market Failure - a market
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