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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!
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robalot39
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Last updated: April 6, 2019
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First submittedApril 6, 2019
Times taken50
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Description
Term
The value of the next best forgone alternative
Opportunity Cost
The degree of responsiveness of demand to a change in price
Price Elasticity of Demand
A subjective statement that relies on opinion and carries a value judgement
Normative Statement
The degree of responsiveness of demand to a change in income
Income Elasticity of Demand
The number of units sold by firms at different prices in a given period
Supply
The number of units purchased by consumers at different prices in a given period
Demand
What has a coefficient above zero but less than one?
Relatively Inelastic Demand
The situation where an individual gains less additional utility from consuming a product the more of it is consumed
Diminishing Marginal Utility
The study of the interrelationships between economic variables at an aggregate (economy-wide) level
Macroeconomics
A good or service for which there is no marginal (additional) cost of providing it to an additional consumer such as a television broadcast
Non-Rivalrous
A decrease in demand coupled with a rise in price
Contraction in Demand
When a percentage change in price causes no change in the quantity demanded
Perfectly Inelastic Demand
When a country produces or has the potential to produce more goods and services
Economic Growth
A theoretical situation in which any attempt to make one person better off would make another worse off
Perfect Efficiency
A product that is in competitive demand with another product
Substitute
When a change in the price of one good provokes a smaller change in the demand of another
Relative Cross Inelasticity
What has a coefficient of infinity?
Perfectly Elastic Demand
A product that is both non-excludable and non-rivalrous
Public Good
The optimal allocation of scarce resources
Efficiency
Something that humans do not have to produce but which they can consume without opportunity cost
Free Good
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