Statistics for Key terms - Economics (A - M)

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Definition	Answer	% Correct
single seller with no competitors	Monopoly	85%
rise in the average level of prices sustained over time	Inflation	83%
fall in the average level of prices over time	Deflation	76%
willingness and ability of consumers to purchase a G or S	Demand	75%
total amount demanded in an economy over a given period of time	Aggregate demand	69%
state of balance in an economy	Equilibrium	69%
rate charged by a lender of money or credit to a borrower	Interest rate	69%
goods and services produced by a country’s firms which are sold abroad	Exports	66%
foreign G and S bought by a country’s households, firms, government agencies etc.	Imports	61%
total output produced by an economy’s firms over a period of time	Aggregate supply	55%
additional cost incurred in the production of one more unit of a G or S	Marginal cost	49%
shows how income circulates around an economy, from households to firms and back	Circular flow	48%
arrangement between buyers and sellers to exchange G or S for money	Market	29%
resource inputs needed by producers in order to create an output of G and S	Factors of production	28%
ability of a consumer or producer to decide which G, S or resource to purchase or provide	Choice	16%

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