Statistics for Edexcel Economics 1. Introduction to Economics

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General Stats

This quiz has been taken 37 times
The average score is 5 of 20

Answer Stats

Description	Term	% Correct
The study of the production, distribution, and consumption of wealth in human society	Economics	100%
The function of money that allows for the value of different goods and services to be compared	Measure of Value/Unit of Account	100%
An economy in which production is determined by both consumers and the state	Mixed Economy	100%
A product that is both non-excludable and non-rivalrous	Public Good	100%
The study of economic decisions taken by individual economic agents such as households and firms	Microeconomics	50%
The difference in total value between payments into and out of a country over a certain period of time	Balance of Payments	0%
A system in which a double coincidence of wants between two parties facilitates the exchange of goods or services	Barter System	0%
Human-made products used in the production of other goods and services	Capital Goods	0%
Other things being equal (all other factors being held constant so as to isolate the effects of one variable)	Ceteris Paribus	0%
An economy in which production is controlled by, and all resources except labour are owned by the state	Command Economy	0%
A product that is in joint demand with another product	Complement	0%
Products bought by consumers for their own use and enjoyment	Consumer Goods	0%
A decrease in demand coupled with a rise in price	Contraction in Demand	0%
The degree of responsiveness of the quantity demanded of one product to a change in price in another	Cross Elasticity of Demand	0%
What is shown by the following calculation: (%∆QD of product A)/(%∆P of product B)?	Cross Elasticity of Demand	0%
The number of units purchased by consumers at different prices in a given period	Demand	0%
A graph showing variance in demand with changes in price	Demand Curve	0%
A table showing variance in demand with changes in price	Demand Schedule	0%
A product the consumption of which is considered undesirable due to its negative effects on consumers such as cigarettes	Demerit Good	0%
Demand for one product that is connected to the demand for another product	Derived Demand	0%
The situation where an individual gains less additional utility from consuming a product the more of it is consumed	Diminishing Marginal Utility	0%
When a change in one variable causes a change in another variable in the same direction	Direct Relationship	0%
The process of breaking down production into a sequence of stages with workers assigned to a particular stage	Division of Labour	0%
Something that is produced via the consumption of resources	Economic Good	0%
When a country produces or has the potential to produce more goods and services	Economic Growth	0%
Where a desire to buy a product is backed up by an ability to pay for it	Effective Demand	0%
The optimal allocation of scarce resources	Efficiency	0%
A variable that has an internal cause or origin	Endogenous Variable	0%
A good or service, access to which can be denied to those consumers who have not paid for it	Excludable	0%
A variable that has an external cause or origin	Exogenous Variable	0%
An increase in demand coupled with a fall in price	Extension in Demand	0%
A third party effect arising from the production and consumption of goods and services for which no appropriate compensation is paid such as pollution	Externality	0%
Those resources used in the production process	Factors of Production	0%
Something that humans do not have to produce but which they can consume without opportunity cost	Free Good	0%
A measure of economic activity over a certain period of time	Gross Domestic Product (GDP)	0%
Where a fall in price increases the real purchasing power of consumers by allowing them to buy more with a given budget	Income Effect	0%
What is shown by the following calculation: (%∆QD)/(%∆Y)?	Income Elasticity of Demand	0%
The degree of responsiveness of demand to a change in income	Income Elasticity of Demand	0%
A product for which demand decreases with an increase in income	Inferior Good	0%
When a change in one variable causes a change in another variable in the opposite direction	Inverse Relationship	0%
Where a desire to buy a product is not backed up by the ability to pay for it	Latent Demand	0%
The inverse relationship between demand and price	Law of Demand	0%
A point at which the level of profit or benefit is exceeded by the cost of investment	Law of Diminishing Returns	0%
A product with a high price that only those with a high income can afford	Luxury Good	0%
The study of the interrelationships between economic variables at an aggregate (economy-wide) level	Macroeconomics	0%
An examination of the additional (marginal) benefits and costs of a change in behaviour	Marginal Analysis	0%
The total number of units purchased by all consumers at a given price in a given period	Market Demand	0%
An economy in which production is principally determined by consumers	Market Economy	0%
The maximum output that can be produced in a given period with the available resources	Maximum Productive Potential	0%
The medium through which the exchange or trade in goods and services is facilitated such as money	Medium of Exchange	0%
A product the consumption of which is considered desirable due to its positive effects on consumers and thus subsidised or provided free by government such as healthcare	Merit Good	0%
A simplified representation of reality used to provide insight into economic decisions and events	Model	0%
When income and quantity demanded move in the opposite direction	Negative Income Elasticity	0%
A good or service that non-paying consumers cannot be prevented from accessing such as light from a lamppost	Non-Excludable	0%
Natural resources that cannot be replaced once used	Non-Renewable Resources	0%
A good or service for which there is no marginal (additional) cost of providing it to an additional consumer such as a television broadcast	Non-Rivalrous	0%
Goods and services principally sold within domestic markets such as healthcare	Non-Tradeable Product	0%
A product for which demand increases with an increase in income	Normal Good	0%
A subjective statement that relies on opinion and carries a value judgement	Normative Statement	0%
The value of the next best forgone alternative	Opportunity Cost	0%
A theoretical situation in which any attempt to make one person better off would make another worse off	Perfect Efficiency	0%
When a percentage change in price causes an infinite change in the quantity demanded	Perfectly Elastic Demand	0%
What has a coefficient of infinity?	Perfectly Elastic Demand	0%
When a percentage change in price causes no change in the quantity demanded	Perfectly Inelastic Demand	0%
What has a coefficient of zero?	Perfectly Inelastic Demand	0%
When income and quantity demanded move in the same direction	Positive Income Elasticity	0%
An objective statement that can be tested, amended, and/or rejected by referring to the available evidence	Positive Statement	0%
An expansion in the productive capacity of an economy	Potential Economic Growth	0%
What is shown by the following calculation: (%∆QD)/(%∆P)?	Price Elasticity of Demand	0%
The degree of responsiveness of demand to a change in price	Price Elasticity of Demand	0%
The manner in which the profits of selling goods and services affects their supply and demand	Price Mechanism	0%
A product that is both excludable and rivalrous	Private Good	0%
A graph showing the maximum output combinations of two products an economy can achieve when all resources are fully and efficiently employed	Production Possibility Frontier	0%
Research dealing in concepts such as people's opinions about their standard of living	Qualitative Research	0%
Research dealing in numbers such as mathematical data	Quantitative Research	0%
The number of people registered as being able to work (as well as the number of hours worked per person)	Rate of Activity	0%
The number of people able to work who are currently out of the labour force	Rate of Unemployment	0%
When a change in the price of one good provokes a greater change in the demand of another	Relative Cross Elasticity	0%
When a change in the price of one good provokes a smaller change in the demand of another	Relative Cross Inelasticity	0%
When a percentage change in price causes a greater percentage change in the quantity demanded	Relatively Elastic Demand	0%
What has a coefficient above one but less than infinity?	Relatively Elastic Demand	0%
What has a coefficient above zero but less than one?	Relatively Inelastic Demand	0%
When a percentage change in price causes a smaller percentage change in the quantity demanded	Relatively Inelastic Demand	0%
Natural Resources that are capable of being used and replaced	Renewable Resources	0%
A good or service that when consumed by one consumer, reduces or prevents the ability for another party to consume it	Rivalrous	0%
The situation of people having unlimited wants in the face of limited resources	Scarcity	0%
When people work and become skilled at specific tasks	Specialisation	0%
The function of money that allows for people to defer payment for a good or service by borrowing	Standard of Deferred Payment	0%
The function of money that allows for people to save for future wants and needs	Store of Value	0%
A product that is in competitive demand with another product	Substitute	0%
Where a fall in price makes a product relatively cheaper compared to substitutes causing some consumers to switch demand to that product	Substitution Effect	0%
The number of units sold by firms at different prices in a given period	Supply	0%
The ability for something to be maintained at a certain rate or level	Sustainability	0%
What is shown by the following calculation: quantity of goods sold×price of goods?	Total Revenue	0%
When a percentage change in price causes a change in the quantity demanded of the exact same percentage	Unit Elasticity of Demand	0%
What has a coefficient of one?	Unit Elasticity of Demand	0%
Products that have no direct relation	Unrelated Goods	0%
The amount of satisfaction someone receives from consuming a product	Utility	0%
An assessment of something as good or bad depending on one's own standards or priorities	Value Judgement	0%