Description | Term | % Correct |
---|---|---|
A group of firms that cooperate in a market to control prices and limit competition | Cartel | 100%
|
What is shown by the point at which the demand and supply curves meet? | Equilibrium | 100%
|
Where there is a surplus supply relative to demand as a result of a price above equilibrium | Excess Supply | 100%
|
An organisation that brings together factors of production in order to produce output | Firm | 100%
|
When a percentage change in price causes an infinite change in the quantity supplied | Perfectly Elastic Supply | 100%
|
The difference between the price a producer is willing to accept for a product and the price they actually receive | Producer Surplus | 100%
|
The way in which price serves to allocate scarce resources when demand outstrips supply | Rationing | 100%
|
A period of time during which at least one factor of production cannot be varied | Short Run | 100%
|
That debt - usually government/municipal or corporation - which is financed by the holder in exchange for interest from the issuer | Bond | 0%
|
The rise in value of an asset over its purchase price when sold | Capital Gains | 0%
|
A homogeneous product such as raw materials that are traded in bulk on global markets | Commodity | 0%
|
A market in which individual firms cannot influence the price of the good or service they are selling because of competition from other firms | Competitive Market | 0%
|
Any factor besides price that can cause a change in supply and thus a shift in the supply curve | Condition of Supply | 0%
|
The difference between the price people are willing to pay for a product and the market price | Consumer Surplus | 0%
|
What is shown on a demand curve as the area below the demand curve and above the market price? | Consumer Surplus | 0%
|
A decrease in supply coupled with a decrease in price | Contraction in Supply | 0%
|
From which side of the commodity market does volatility arise? | Demand | 0%
|
A sudden event which temporarily increases or decreases demand for a good or service | Demand Shock | 0%
|
What type of demand is demonstrated in the demand for financial assets (currency, shares, etc.)? | Derived Demand | 0%
|
Where demand and supply are out of balance | Disequilibrium | 0%
|
The only price at which demand and supply are equal thus meaning there is no shortage or surplus and all supply is demanded | Equilibrium Price | 0%
|
Where the quantity demanded exceeds supply as a result of a price below equilibrium | Excess Demand | 0%
|
The value of one currency in relation to another | Exchange Rate | 0%
|
An increase in supply coupled with an increase in price | Extension in Supply | 0%
|
The market in which foreign currencies are bought and sold | Foreign Exchange Market | 0%
|
The ability of factors of production - usually labour - to change locations depending on requirement | Geographical Mobility | 0%
|
A natural resource that must be mined or extracted | Hard Commodity | 0%
|
The way in which changes in demand and thus price motivate a supplier to change production for the purposes of profit | Incentive | 0%
|
The positive relationship between supply and price | Law of Supply | 0%
|
A period of time during which all factors of production can be varied | Long Run | 0%
|
How supply and demand determines the allocation of scarce resources and the relative price of goods, services, and assets in a market economy | Market Forces | 0%
|
The total amount of a product that all firms are prepared and able to supply at any given price | Market Supply | 0%
|
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 | 0%
|
The ability of factors of production - usually labour - to switch between different occupations/uses as needed | Occupational Mobility | 0%
|
What has a coefficient of infinity? | Perfectly Elastic Supply | 0%
|
When a percentage change in price causes no change in the quantity supplied | Perfectly Inelastic Supply | 0%
|
What has a coefficient of zero? | Perfectly Inelastic Supply | 0%
|
The degree of responsiveness of supply to changes in price | Price Elasticity of Supply | 0%
|
What is shown by the following calculation: (%∆QS)/(%∆P)? | Price Elasticity of Supply | 0%
|
What is shown on a supply curve as the area above the supply curve and below the market price? | Producer Surplus | 0%
|
The difference between a firm's total revenue and its total costs | Profit | 0%
|
What has a coefficient above one but less than infinity? | Relatively Elastic Supply | 0%
|
When a percentage change in price causes a greater percentage change in the quantity supplied | Relatively Elastic Supply | 0%
|
What is the price elasticity of supply of the housing market? | Relatively Inelastic | 0%
|
What is the price elasticity of supply of the agricultural market? | Relatively Inelastic | 0%
|
What is the price elasticity of demand, and income elasticity of demand of the housing market? | Relatively Inelastic | 0%
|
What is the price elasticity of demand, and income elasticity of demand of the agricultural market? | Relatively Inelastic | 0%
|
What has a coefficient above zero but less than one? | Relatively Inelastic Supply | 0%
|
When a percentage change in price causes a smaller percentage change in the quantity supplied | Relatively Inelastic Supply | 0%
|
A part of a public limited company that forms a unit of ownership and is offered for sale by the company so as to raise capital for the said company, which is usually bought so as to provide a dividend to the holder | Share | 0%
|
The way in which changes in price, demand, or supply indicate from one side of the market to the other to adjust their levels of consumption or production | Signalling | 0%
|
A natural resource that must be grown | Soft Commodity | 0%
|
Where traders buy and sell assets in order to make a profit on capital gains | Speculation | 0%
|
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 | Stock | 0%
|
A product that could have been supplied using the same resources as are currently committed to another product | Substitute of Production | 0%
|
From which side of the agricultural market does volatility arise? | Supply | 0%
|
A graph showing variance in supply with changes in price | Supply Curve | 0%
|
A table showing variance in supply with changes in price | Supply Schedule | 0%
|
A sudden event which temporarily increases or decreases the supply of a good or service | Supply Shock | 0%
|
A situation in which people are very unsure about the future | Uncertainty | 0%
|
When a percentage change in price causes a change in the quantity supplied of the exact same percentage | Unit Elasticity of Supply | 0%
|
What has a coefficient of one? | Unit Elasticity of Supply | 0%
|
A situation in which prices fluctuate wildly over a short period of time | Volatility | 0%
|
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