AS Economics Key Words

List the answers to these Economics definitions and statements
Quiz by cthompson96
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Last updated: May 15, 2015
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First submittedMay 15, 2015
Times taken1,225
Average score54.5%
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Hint
Answer
The point at which Supply and Demand are equal
Equilibrium
What "I" stands for in the AD formula
Investment
Where the government adjusts spending and tax to stimulate an economy
Fiscal Policy
The general Rise in the Price Level over a period of time
Inflation
The net transfers of a countries trade in goods and services
Current Account (Balance of Payments)
Shows the flow of goods and services between households
Circular flow of Income
Hint
Answer
A good which is better for us than we know
Merit good
When there is a misallocation of resources
Market failure
Aimed at improving or decreasing the supply of an Economy
Supply Side Policy
The lowest Income able to Pay to any worker in the UK
Minimum Wage
For example - Roads, buildings and The National Grid
Infrastructure
3 Comments
+2
Level 32
May 14, 2016
The clue that says, "The net transfers of a countries trade in goods and services" is not only grammatically incorrect (it should be "country's" instead of "countries"), but also factually incorrect. You are describing the Current Account balance, which is a subsection of the Balance of Payments.
+1
Level 60
Feb 12, 2017
Nice quiz! Good to know I haven't forgotten A-level economics. Although I do agree with fraB on the balance of payments answer.
+1
Level 56
May 21, 2018
Great quiz. Sadly I'm not English so I didn't know a lot of the English terminology.