Year 12 Economics

2. the type of profit that occurs when a firms total revenue is = to its total costs.
6. one of the roles of government, it focuses on policies and laws that people and businesses follow.
11. gives a simplified picture of reality.
13. total government expenditure exceeds total tax revenue.
14. a market situation where there is a single seller.
15. measures the extent of the sacrifice of moving from one point of the PPC to another.

1. the sum is total output/no. of units of input.
3. highlight the advantages that a company obtains from modern techniques.
4. a market structure consisting of a few, relatively large firms selling products which are close substitutes.
5. the sum of the fixed and variable cost.
7. total value of goods and services produces in an economy in a given year.
8. increase in productive capacity of a nation.
9. total tax revenue exceeds total government expenditure.
10. measures the responsiveness of quantity demanded of one commodity to a change in price pf another commodity.
12. in a short supply.