thumbnail

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!
Quiz by
robalot39
Rate:
Last updated: May 28, 2019
You have not attempted this quiz yet.
First submittedApril 23, 2019
Times taken28
Average score40.0%
Report this quizReport
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
What type of demand is demonstrated in the demand for financial assets (currency, shares, etc.)?
Derived Demand
When a percentage change in price causes a greater percentage change in the quantity supplied
Relatively Elastic Supply
A product that could have been supplied using the same resources as are currently committed to another product
Substitute of Production
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 is the price elasticity of supply of the housing market?
Relatively Inelastic
The difference between the price a producer is willing to accept for a product and the price they actually receive
Producer Surplus
A natural resource that must be grown
Soft Commodity
The way in which price serves to allocate scarce resources when demand outstrips supply
Rationing
From which side of the commodity market does volatility arise?
Demand
What has a coefficient of zero?
Perfectly Inelastic Supply
Description
Term
What is shown on a supply curve as the area above the supply curve and below the market price?
Producer Surplus
What is shown by the following calculation: (%∆QS)/(%∆P)?
Price Elasticity of Supply
An organisation that brings together factors of production in order to produce output
Firm
When a percentage change in price causes a change in the quantity supplied of the exact same percentage
Unit Elasticity of Supply
A period of time during which all factors of production can be varied
Long Run
What has a coefficient of one?
Unit Elasticity of Supply
The only price at which demand and supply are equal thus meaning there is no shortage or surplus and all supply is demanded
Equilibrium Price
Where the quantity demanded exceeds supply as a result of a price below equilibrium
Excess Demand
The way in which changes in price, demand, or supply indicate from one side of the market to the other to adjust their levels of consumption or production
Signalling
A sudden event which temporarily increases or decreases demand for a good or service
Demand Shock
Save Your Stats
Your Next Quiz
How many countries do you know? In this quiz, you've got 15:00 to name as many as you can. Go!
Name all 50 states in the USA. Easy, right?
Based on the clues, can you guess these cities which start with each letter of the alphabet?
Do you know where all 50 states are located? Fill in the map of the U.S. by correctly guessing each highlighted state.
Comments
No comments yet