home

Edexcel Economics 1. Introduction to Economics

In this quiz the answers change every time you play! Guess the terms that fit these definitions
Answer must correspond to highlighted box!
Quiz by
robalot39
Rate:
Last updated: April 6, 2019
You have not attempted this quiz yet.
More quiz info >>
First submittedApril 6, 2019
Times taken54
Average score25.0%
Report this quizReport
Quiz and answer stats >>
Shared scores >>
6:00
Enter term here
0
 / 20 guessed
The quiz is paused. You have remaining.
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
Keep scrolling down for answers and more stats ...
Description
Term
The degree of responsiveness of demand to a change in income
Income Elasticity of Demand
Where a fall in price increases the real purchasing power of consumers by allowing them to buy more with a given budget
Income Effect
Those resources used in the production process
Factors of Production
Research dealing in concepts such as people's opinions about their standard of living
Qualitative Research
A graph showing variance in demand with changes in price
Demand Curve
A product that is both non-excludable and non-rivalrous
Public Good
The situation where an individual gains less additional utility from consuming a product the more of it is consumed
Diminishing Marginal Utility
The function of money that allows for the value of different goods and services to be compared
Measure of Value/Unit of Account
What has a coefficient of infinity?
Perfectly Elastic Demand
What is shown by the following calculation: (%∆QD of product A)/(%∆P of product B)?
Cross Elasticity of Demand
Human-made products used in the production of other goods and services
Capital Goods
When people work and become skilled at specific tasks
Specialisation
Products that have no direct relation
Unrelated Goods
A product for which demand increases with an increase in income
Normal Good
The optimal allocation of scarce resources
Efficiency
When a country produces or has the potential to produce more goods and services
Economic Growth
Natural Resources that are capable of being used and replaced
Renewable Resources
The ability for something to be maintained at a certain rate or level
Sustainability
A good or service that when consumed by one consumer, reduces or prevents the ability for another party to consume it
Rivalrous
What is shown by the following calculation: quantity of goods sold×price of goods?
Total Revenue
Save Your Stats
Your Next Quiz
Countries of the World Quiz
How many countries do you know? In this quiz, you've got 15:00 to name as many as you can. Go!
US States Quiz
Name all 50 states in the USA. Easy, right?
Random Category Elimination - Countries
In each randomized group, name any answer which matches the first category to reveal the second category, etc...
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
Copyright H Brothers Inc, 2008–2026
Contact Us | Go To Top | View Desktop Site | Site Map