0
Q
Maximum price
A
The maximum amount you are allowed to sell a product for.
No effect if it is set above the equilibrium.
1
Q
Buffer stock
A
When the gov. buys food and store when harvest is good and then release the food back on the market if the harvest is bad.
2
Q
Factor immobility
A
This is a cause of market failure. There are 2 types; geographical and occupational.
3
Q
Occupational immobility
A
There are barriers to the mobility of factors of production between different sectors of the economy
4
Q
Geographical immobility
A
There are barriers to them moving from one area to another to find work.
Micro
flashcards
Decks in class (9)
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