VCE Economics - Unit 1 AOS2 Terminology

VCE is the Victorian Certificate of Education

Quiz by

Rate:

Last updated: April 30, 2025

You have not attempted this quiz yet.

More quiz info >>

First submitted	March 30, 2025
Times taken	18
Average score	71.4%
Report this quiz	Report

Quiz and answer stats >>

Friends stats >>

4:00

Enter answer here

/ 14 guessed

The quiz is paused. You have remaining.

Copied!

Scoring

You scored / = %

This beats or equals % of test takers also scored 100%

The average score is

Your high score is

Your fastest time is

more stats >>

friends stats >>

Keep scrolling down for answers and more stats ...

Definition

Term

When the quantity demanded is greater than the quantity supplied.

Shortage

Two or more businesses joining together to maximise joint profits

Cartel Conduct

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

A company's ability to influence prices and market conditions.

Market Power

When individual companies market their products under separate and distinct brand names

Multibranding

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

Setting prices so low as to force a competitor out of the market

Predatory Pricing

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

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

Factor income that is left over after taxes have been paid and government transfers have been received.

Disposable Income

The willingness or ability of suppliers or producers to produce/and or sell.

Supply

When the quantity supplied is greater than the quantity demanded.

Surplus

When businesses charge different prices to different consumers for the same product

Price discrimination

The price of one good or service divided by (in comparison to) the price of another good or service.

Relative Price

Save Your Stats

Your Next Quiz

World Capitals Quiz

Can you name the capitals cities of all 196 countries in the world?

Megacities on a World Map

Can you name the 49 urban agglomerations of the world that have a population of at least 10 million?

Pin US States on a Borderless Map - Sudden Death

Drag the flag onto the correct state. Careful, though! One wrong move and the game ends.

Pin Europe on a Borderless Map - Sudden Death

Drag the flag onto the correct country. Careful, though! One wrong move and the game ends.

Comments

No comments yet