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Edexcel Economics 2. Supply and Price

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: May 28, 2019
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First submittedApril 23, 2019
Times taken28
Average score40.0%
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Description
Term
Where the quantity demanded exceeds supply as a result of a price below equilibrium
Excess Demand
An increase in supply coupled with an increase in price
Extension in Supply
When a percentage change in price causes no change in the quantity supplied
Perfectly Inelastic Supply
The total amount of a product that all firms are prepared and able to supply at any given price
Market Supply
When a percentage change in price causes a change in the quantity supplied of the exact same percentage
Unit Elasticity of Supply
Any factor besides price that can cause a change in supply and thus a shift in the supply curve
Condition of Supply
What is the price elasticity of supply of the agricultural market?
Relatively Inelastic
When a percentage change in price causes an infinite change in the quantity supplied
Perfectly Elastic Supply
An organisation that brings together factors of production in order to produce output
Firm
The ability of factors of production - usually labour - to change locations depending on requirement
Geographical Mobility
The rise in value of an asset over its purchase price when sold
Capital Gains
A decrease in supply coupled with a decrease in price
Contraction in Supply
A market in which individual firms cannot influence the price of the good or service they are selling because of competition from other firms
Competitive Market
What type of demand is demonstrated in the demand for financial assets (currency, shares, etc.)?
Derived Demand
A situation in which people are very unsure about the future
Uncertainty
When a percentage change in price causes a greater percentage change in the quantity supplied
Relatively Elastic Supply
The amalgamation of a single block of shares in a public limited company bought on and for the purpose of future sale on the stock market
Stock
The difference between the price a producer is willing to accept for a product and the price they actually receive
Producer Surplus
What has a coefficient of infinity?
Perfectly Elastic Supply
A natural resource that must be mined or extracted
Hard Commodity
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