AQA Economics AS #2

Hint

Answer

What phrase is used to describe the quantity of a good or service that firms plan to sell at given prices over a given time period?

Total sales revenue minus total costs of production equals...

Price multiplied by quanitity sold equals...

Excess supply or excess demand causes market '____'

When one good is produced and another is produced from the same raw materials the goods are in '______ _______'

When raw materials are used to produce one good so consequently cannot be used to produce another good the goods are in '_________ ______'

'_________' demand is demand for a good which has more than one use.

'_________' demand is demand is for a good which is an input into the production of another good.

What is the term for a good that is regarded by society or goverment as deserving of public finance?

At which price does supply exactly equal demand?

What is the term used to describe demand for a good or service backed with ability to pay?

What is the term for a market with a high number of; buyers (who posses good market information) and sellers (who can enter or exit the market at will)?

Hint

Answer

A rightward shift of a demand curve signifies what?

A leftward shift of a demand curve signifies what?

Which word is used to describe the responsiveness of a second variable to an initial change in the first variable?

What does PED stand for in economics?

What measures the relationship between a change in quantity demanded for a good and a change in real income?

A good with an IED of between 0 and 1 is...

A good with an IED greater than 1 is...

Which word describes a good for which demand increases as income rises and demand decreases as income falls?

Which word describes a good for which demand increases as income falls?

What measures the extent to which a good changes in demand in response to a change in price of another good?

A negative XED (aka CPED) signifies the two goods are '__________'

A positive XED (aka CPED) signifies two goods are...