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Economics Definitions - Statistics
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- This quiz has been taken 0 times
- The average score is 0 of 11
Answer Stats
| Term | Definition | % Correct |
|---|---|---|
| Demand | Demand is the willingness and ability of consumers to pay a sum of money for a good or service at a given price and at a given point in time. | 0%
|
| Income Elasticity of Demand (YED) | Income Elasticity of Demand is a measure of the responsiveness of demand to changes in income. | 0%
|
| Market Equilibrium | Occurs where the quantity demanded is equal to the quantity supplied, therefore there is no tendency for the price or quantity to change. | 0%
|
| Price controls | Price controls refer to the setting of minimum or maximum prices by the government so that prices are unable to adjust to their equilibrium level determined by demand and supply. | 0%
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| Price Elasticity of Demand (PED) | Price Elasticity of Demand is a measure of the responsiveness of the quantity of a good demanded to changes in its price. | 0%
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| Price Elasticity of Supply (PES) | Price Elasticity of Supply is a measure of the responsiveness of the quantity of a good supplied to changes in its price. | 0%
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| Price Mechanism | Price mechanism is the system where prices are determined by demand and supply in competitive markets, resulting from the free interaction of buyers and sellers. | 0%
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| Rationing | Prices act as a method of apportioning commodities. | 0%
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| Signalling | Prices act as signals, communicating information to buyers and sellers. | 0%
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| Incentive | Prices give incentives, motivating decision makers to react to the information. | 0%
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| Supply | Supply is the willingness and ability of producers to offer a given quantity of a good for sale at a point in time and at a given price. | 0%
|
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