when the quantity demanded changes by a greater percentage than the change in price

the sale of public sector assets to the private sector

the system by which the market forces of demand and supply determine prices

organisations owned by the government which sell products

costs borne by those directly consuming or producing a produc

products which the government considers consumers do not fully appreciate how beneficial they are and so which will be under-consumed if left to market forces. Such goods generate positive externalities

a single seller

the total benefits to a society of an economic activity

the drawing of tickets to decide who will get the products

a limit on the amount that can be consumed

moving the ownership and control of an industry from the private sector to the government

when the quantity demanded changes by a smaller percentage than the change in price

the average cost of production. It is found by

dividing total cost by output

a fall in supply at any given price, causing the supply curve to shift to the left

advances in the quality of capital goods and methods

of production

taxes on the income and wealth of individuals and

firms