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Edexcel Economics 2. Supply and Price

In this quiz the answers change every time you play! Guess the terms that fit these definitions
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Quiz by robalot39
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Last updated: May 28, 2019
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First submittedApril 23, 2019
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Average score60.0%
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Description
Term
A sudden event which temporarily increases or decreases demand for a good or service
Demand Shock
What is shown by the point at which the demand and supply curves meet?
Equilibrium
What is the price elasticity of demand, and income elasticity of demand of the housing market?
Relatively Inelastic
A natural resource that must be grown
Soft Commodity
The difference between the price people are willing to pay for a product and the market price
Consumer Surplus
Any factor besides price that can cause a change in supply and thus a shift in the supply curve
Condition of Supply
A period of time during which at least one factor of production cannot be varied
Short Run
What is the price elasticity of demand, and income elasticity of demand of the agricultural market?
Relatively Inelastic
What is shown on a demand curve as the area below the demand curve and above the market price?
Consumer Surplus
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
A table showing variance in supply with changes in price
Supply Schedule
A homogeneous product such as raw materials that are traded in bulk on global markets
Commodity
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
A group of firms that cooperate in a market to control prices and limit competition
Cartel
The ability of factors of production - usually labour - to change locations depending on requirement
Geographical Mobility
An increase in supply coupled with an increase in price
Extension in Supply
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
The positive relationship between supply and price
Law of Supply
A situation in which prices fluctuate wildly over a short period of time
Volatility
When a percentage change in price causes a smaller percentage change in the quantity supplied
Relatively Inelastic Supply
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