AS Economics Key Words

List the answers to these Economics definitions and statements

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Last updated: May 15, 2015

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First submitted	May 15, 2015
Times taken	1,295
Average score	54.5%
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Hint

Answer

The point at which Supply and Demand are equal

Equilibrium

What "I" stands for in the AD formula

Investment

Where the government adjusts spending and tax to stimulate an economy

Fiscal Policy

The general Rise in the Price Level over a period of time

Inflation

The net transfers of a countries trade in goods and services

Current Account (Balance of Payments)

Shows the flow of goods and services between households

Circular flow of Income

A good which is better for us than we know

Merit good

When there is a misallocation of resources

Market failure

Aimed at improving or decreasing the supply of an Economy

Supply Side Policy

The lowest Income able to Pay to any worker in the UK

Minimum Wage

For example - Roads, buildings and The National Grid

Infrastructure

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3 Comments

Level 65

May 14, 2016

The clue that says, "The net transfers of a countries trade in goods and services" is not only grammatically incorrect (it should be "country's" instead of "countries"), but also factually incorrect. You are describing the Current Account balance, which is a subsection of the Balance of Payments.

Level 61

Feb 12, 2017

Nice quiz! Good to know I haven't forgotten A-level economics. Although I do agree with fraB on the balance of payments answer.

Level 57

May 21, 2018

Great quiz. Sadly I'm not English so I didn't know a lot of the English terminology.