Macroeconomics - The study of the whole economy, Capital-intensive - The use of a high proportion of capital relative to labour, A market economy - An economic system which relies on the price mechanism to allocate resources, Extension in demand - A movement along a demand curve as a result of a fall in the price of the product, Increase in demand - A shift in the demand curve to the right, Supply - The willingness and ability to sell a product, A contraction in supply - A movement along a supply curve as a result of a fall in the price of the product, Market supply - The total supply of a product, Equilibrium price - This is where the quantity demanded of a product is equal to the quantity supplied, A subsidy - A payment to encourage the production or consumption of a product, A shortage - A situation where demand exceeds supply, Price elasticity of demand - A measure of the sensitivity of demand for a product to a change in its price, Elastic demand - When a change in price causes a greater percentage change in quantity demanded, Complements - Products bought to be used together, Market failure - A situation where market forces do not result in an efficient outcome, External costs - Harmful effects on third parties, Social benefits - The total benefits arising from producing or consuming a product, Demerit goods - Products that are more harmful for consumers than they realise and which have external costs, Public goods - Products which are both non-rival and non-excludable, Government failure - When government intervention increases inefficiency, Public expenditure - Spending by central and local government, Price elasticity of supply - A measure of the sensitivity of supply to a change in price, Inferior goods - A product whose demand decreases when income increases and increases when income falls, Monopoly - A single seller,

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