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VCE Economics - Unit 1 AOS2 Terminology - Statistics
General Stats
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This quiz has been taken 18 times
6 since last reset
- The average score is 10 of 14
Answer Stats
| Definition | Term | % Correct |
|---|---|---|
| When the quantity demanded is greater than the quantity supplied. | Shortage | 100%
|
| Two or more businesses joining together to maximise joint profits | Cartel Conduct | 75%
|
| Factor income that is left over after taxes have been paid and government transfers have been received. | Disposable Income | 75%
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| A company's ability to influence prices and market conditions. | Market Power | 75%
|
| When individual companies market their products under separate and distinct brand names | Multibranding | 75%
|
| Setting prices so low as to force a competitor out of the market | Predatory Pricing | 75%
|
| When businesses charge different prices to different consumers for the same product | Price discrimination | 75%
|
| Describes how the forces of demand and supply influence relative prices of goods and services which then ultimately determines the way productive resources are allocated in the economy. | Price Mechanism | 75%
|
| The price of one good or service divided by (in comparison to) the price of another good or service. | Relative Price | 75%
|
| When the quantity supplied is greater than the quantity demanded. | Surplus | 75%
|
| As the price of a product increases, the total quantity demanded decreases. As the price decreases, the total quantity demanded increases. | The Law of Demand | 75%
|
| As the price of a product increases, the total quantity supplied increases, and when the price decreases, the total quantity supplied decreases. | The Law of Supply | 75%
|
| The price at which the total quantity demanded is equal to the total quantity supplied. There is no shortage or surplus and the market is in a state of rest. | Equilibrium Price | 50%
|
| The willingness or ability of suppliers or producers to produce/and or sell. | Supply | 50%
|
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