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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!
Quiz by robalot39
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Last updated: May 28, 2019
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First submittedApril 23, 2019
Times taken23
Average score60.0%
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Description
Term
A period of time during which at least one factor of production cannot be varied
Short Run
The ability of factors of production - usually labour - to switch between different occupations/uses as needed
Occupational Mobility
The ability of factors of production - usually labour - to change locations depending on requirement
Geographical Mobility
A homogeneous product such as raw materials that are traded in bulk on global markets
Commodity
What is the price elasticity of demand, and income elasticity of demand of the agricultural market?
Relatively Inelastic
What has a coefficient above one but less than infinity?
Relatively Elastic Supply
What is the price elasticity of supply of the agricultural market?
Relatively Inelastic
What is shown by the point at which the demand and supply curves meet?
Equilibrium
A decrease in supply coupled with a decrease in price
Contraction in Supply
An increase in supply coupled with an increase in price
Extension in Supply
Description
Term
What type of demand is demonstrated in the demand for financial assets (currency, shares, etc.)?
Derived Demand
An organisation that brings together factors of production in order to produce output
Firm
Where there is a surplus supply relative to demand as a result of a price above equilibrium
Excess Supply
A period of time during which all factors of production can be varied
Long Run
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
From which side of the agricultural market does volatility arise?
Supply
Any factor besides price that can cause a change in supply and thus a shift in the supply curve
Condition of Supply
That debt - usually government/municipal or corporation - which is financed by the holder in exchange for interest from the issuer
Bond
The degree of responsiveness of supply to changes in price
Price Elasticity of Supply
A situation in which prices fluctuate wildly over a short period of time
Volatility
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