Economics Aqa A Level Already Passed

Minimum efficient scale {Ans: The lowest output at which the firm is able to achieve minimum ATC}Complementary good {Ans: A good in joint demand, or demanded at the same time as another}Demand {Ans: The quantity of a good or service that consumers are willing and able to buy at a given time}Average fixed cost {Ans: AFC = TFC / Q}Asymmetric information {Ans: When one party possesses more information than the other regarding a transaction}Returns to scale {Ans: The rate by which output changes if the scale of all the factors of production is changed}Optimum firm size {Ans: The size of a firm capable of producing at the lowest average cost and thus being productively efficient}Average Variable Cost {Ans: AVC = TVC / Q}AR {Ans: TR / Q}Substitute good {Ans: A good in competing demand, a good which can take place of the other good}Restricted Choice {Ans: Offering people a limited number of options so that they're not overwhelmed by the complexity of the situation}Nudge {Ans: Factors that encourage people to think a certain way}Alturism {Ans: Concern for the welfare of others}Total revenue {Ans: All the money