Edexcel Economics 2. Supply and Price

In this quiz the answers change every time you play! Guess the terms that fit these definitions
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Quiz by robalot39
Last updated: May 28, 2019
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First submittedApril 23, 2019
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From which side of the commodity market does volatility arise?
The difference between the price people are willing to pay for a product and the market price
Consumer Surplus
A situation in which a borrower owes more on a loan than the value of the asset that guarantees the loan such as that owed on a mortgage after a fall in house prices
Negative Equity
An organisation that brings together factors of production in order to produce output
What has a coefficient of infinity?
Perfectly Elastic Supply
What is shown by the following calculation: (%∆QS)/(%∆P)?
Price Elasticity of Supply
A natural resource that must be mined or extracted
Hard Commodity
An increase in supply coupled with an increase in price
Extension in Supply
A decrease in supply coupled with a decrease in price
Contraction in Supply
Where there is a surplus supply relative to demand as a result of a price above equilibrium
Excess Supply
A homogeneous product such as raw materials that are traded in bulk on global markets
A sudden event which temporarily increases or decreases demand for a good or service
Demand Shock
What is the price elasticity of supply of the agricultural market?
Relatively Inelastic
A sudden event which temporarily increases or decreases the supply of a good or service
Supply Shock
A table showing variance in supply with changes in price
Supply Schedule
A situation in which prices fluctuate wildly over a short period of time
When a percentage change in price causes no change in the quantity supplied
Perfectly Inelastic Supply
What is shown on a supply curve as the area above the supply curve and below the market price?
Producer Surplus
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
The degree of responsiveness of supply to changes in price
Price Elasticity of Supply
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