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Economics: Topic 2, Year 1 Definitions - Statistics
General Stats
- This quiz has been taken 31 times
- The average score is 9 of 26
Answer Stats
| Definition | Answer | % Correct |
|---|---|---|
| The amount of a good or service that consumers in a market are willing and able to buy at any given price over a period of time. | Demand | 91%
|
| The amount of a good or service that firms intend to offer for sale at any given price over a period of time. | Supply | 73%
|
| The flow of earnings paid to labour over a period of time. | Income | 64%
|
| A position from which there is no tendency to change. | Equilibrium | 45%
|
| A situation in which the price is such that the quantity demanded exceeds the quantity offered for supply. | Excess Demand | 45%
|
| A situation in which the price is such that the quantity offered for supply exceeds the quantity demanded. | Excess Supply | 45%
|
| Measures the responsiveness of the quantity demanded of the product to a change in incomes. | Income Elasticity of Demand | 45%
|
| Goods that experience a decrease in quantity demanded as incomes increase, other things being equal. | Normal Goods | 45%
|
| Measures the responsiveness of the quantity demanded of a product to a change in the price of a product. | Price Elasticity of Demand | 45%
|
| Measures the responsiveness of the quantity supplied of a product to a change in the price of that product. | Price Elasticity of Supply | 45%
|
| Goods or services that are used alongside each other. | Complements | 36%
|
| Goods that experience an increase in quantity demanded as incomes increase, other things being equal. | Inferior Goods | 36%
|
| A situation in which the price is such that the quantity that consumers want to buy (demand) is the same as the quantity that firms want to offer for sale (supply). | Market Equilibrium | 36%
|
| Occurs when a good is demanded for different purposes. | Composite Demand | 27%
|
| Measures the responsiveness of the quantity demanded of a product to a charge in the price of another product. | Cross Elasticity of Demand | 27%
|
| Shows the relationship between the price of a good and the quantity demanded of that good. | Demand Curve | 27%
|
| Occurs when the demand for a good or service is determined by the demand for another good or supply. | Derived Demand | 27%
|
| The price at which the market is in equilibrium because the quantity that consumers want to buy (demand) is the same as the quantity that firms want to offer for sale (supply). | Market Price | 27%
|
| Goods or services that can replace each other. | Subsitutes | 27%
|
| A position from which there is a tendency to change. | Disequilibrium | 18%
|
| A situation in which two or more goods or services are used together. | Joint Demand | 18%
|
| Shows the relationship between the price of a good and the quantity supplied of that good. | Supply Curve | 18%
|
| The range of factors that influence people's desires and consequently their demand for specific products. | Individual Preferances | 9%
|
| A stock of assets owned by an individual or organisation. | Wealth | 9%
|
| Occurs when a good might be purchased as an alternative to another good. | Demand for a Subsitute Good | 0%
|
| Occurs when the supply of one good automatically leads to the production of another good. | Joint Supply | 0%
|
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