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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
An organisation that brings together factors of production in order to produce output
Firm
The difference between a firm's total revenue and its total costs
Profit
The difference between the price a producer is willing to accept for a product and the price they actually receive
Producer Surplus
Where demand and supply are out of balance
Disequilibrium
An increase in supply coupled with an increase in price
Extension in Supply
That debt - usually government/municipal or corporation - which is financed by the holder in exchange for interest from the issuer
Bond
From which side of the commodity market does volatility arise?
Demand
What has a coefficient above one but less than infinity?
Relatively Elastic Supply
Where there is a surplus supply relative to demand as a result of a price above equilibrium
Excess Supply
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
The way in which price serves to allocate scarce resources when demand outstrips supply
Rationing
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
What is shown on a supply curve as the area above the supply curve and below the market price?
Producer Surplus
A table showing variance in supply with changes in price
Supply Schedule
When a percentage change in price causes a greater percentage change in the quantity supplied
Relatively Elastic Supply
What is the price elasticity of demand, and income elasticity of demand of the housing market?
Relatively Inelastic
When a percentage change in price causes a smaller percentage change in the quantity supplied
Relatively Inelastic 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
A situation in which people are very unsure about the future
Uncertainty
When a percentage change in price causes no change in the quantity supplied
Perfectly Inelastic Supply
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