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Edexcel Economics 1. Introduction to Economics

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: April 6, 2019
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First submittedApril 6, 2019
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Description
Term
Research dealing in numbers such as mathematical data
Quantitative Research
A subjective statement that relies on opinion and carries a value judgement
Normative Statement
When income and quantity demanded move in the opposite direction
Negative Income Elasticity
What has a coefficient of zero?
Perfectly Inelastic Demand
When a change in one variable causes a change in another variable in the opposite direction
Inverse Relationship
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
An economy in which production is principally determined by consumers
Market Economy
The degree of responsiveness of demand to a change in income
Income Elasticity of Demand
The total number of units purchased by all consumers at a given price in a given period
Market Demand
A product that is both excludable and rivalrous
Private Good
The process of breaking down production into a sequence of stages with workers assigned to a particular stage
Division of Labour
An expansion in the productive capacity of an economy
Potential Economic Growth
When a change in the price of one good provokes a smaller change in the demand of another
Relative Cross Inelasticity
The ability for something to be maintained at a certain rate or level
Sustainability
A decrease in demand coupled with a rise in price
Contraction in Demand
A theoretical situation in which any attempt to make one person better off would make another worse off
Perfect Efficiency
What has a coefficient above zero but less than one?
Relatively Inelastic Demand
A product that is in competitive demand with another product
Substitute
Human-made products used in the production of other goods and services
Capital Goods
When a percentage change in price causes a change in the quantity demanded of the exact same percentage
Unit Elasticity of Demand
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