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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
The total amount of a product that all firms are prepared and able to supply at any given price
Market Supply
A period of time during which at least one factor of production cannot be varied
Short Run
The way in which price serves to allocate scarce resources when demand outstrips supply
Rationing
What type of demand is demonstrated in the demand for financial assets (currency, shares, etc.)?
Derived Demand
When a percentage change in price causes an infinite change in the quantity supplied
Perfectly Elastic Supply
The rise in value of an asset over its purchase price when sold
Capital Gains
A table showing variance in supply with changes in price
Supply Schedule
The difference between the price people are willing to pay for a product and the market price
Consumer Surplus
A product that could have been supplied using the same resources as are currently committed to another product
Substitute of Production
The difference between the price a producer is willing to accept for a product and the price they actually receive
Producer Surplus
Description
Term
A decrease in supply coupled with a decrease in price
Contraction in Supply
That debt - usually government/municipal or corporation - which is financed by the holder in exchange for interest from the issuer
Bond
A natural resource that must be grown
Soft Commodity
When a percentage change in price causes no change in the quantity supplied
Perfectly Inelastic Supply
A sudden event which temporarily increases or decreases demand for a good or service
Demand Shock
When a percentage change in price causes a change in the quantity supplied of the exact same percentage
Unit Elasticity of Supply
A graph showing variance in supply with changes in price
Supply Curve
The positive relationship between supply and price
Law of Supply
A sudden event which temporarily increases or decreases the supply of a good or service
Supply Shock
The ability of factors of production - usually labour - to switch between different occupations/uses as needed
Occupational Mobility
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