Statistics for Economics: Topic 2, Year 1 Definitions

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This quiz has been taken 27 times
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Definition	Answer	% Correct
The amount of a good or service that consumers in a market are willing and able to buy at any given price over a period of time.	Demand	88%
The flow of earnings paid to labour over a period of time.	Income	63%
The amount of a good or service that firms intend to offer for sale at any given price over a period of time.	Supply	63%
A situation in which the price is such that the quantity demanded exceeds the quantity offered for supply.	Excess Demand	50%
A situation in which the price is such that the quantity offered for supply exceeds the quantity demanded.	Excess Supply	50%
Measures the responsiveness of the quantity demanded of the product to a change in incomes.	Income Elasticity of Demand	50%
Measures the responsiveness of the quantity demanded of a product to a change in the price of a product.	Price Elasticity of Demand	50%
Measures the responsiveness of the quantity supplied of a product to a change in the price of that product.	Price Elasticity of Supply	50%
Goods or services that are used alongside each other.	Complements	38%
Occurs when a good is demanded for different purposes.	Composite Demand	38%
A position from which there is no tendency to change.	Equilibrium	38%
Goods that experience an increase in quantity demanded as incomes increase, other things being equal.	Inferior Goods	38%
A situation in which the price is such that the quantity that consumers want to buy (demand) is the same as the quantity that firms want to offer for sale (supply).	Market Equilibrium	38%
Goods that experience a decrease in quantity demanded as incomes increase, other things being equal.	Normal Goods	38%
Measures the responsiveness of the quantity demanded of a product to a charge in the price of another product.	Cross Elasticity of Demand	25%
Shows the relationship between the price of a good and the quantity demanded of that good.	Demand Curve	25%
Occurs when the demand for a good or service is determined by the demand for another good or supply.	Derived Demand	25%
A situation in which two or more goods or services are used together.	Joint Demand	25%
Goods or services that can replace each other.	Subsitutes	25%
A position from which there is a tendency to change.	Disequilibrium	13%
The range of factors that influence people's desires and consequently their demand for specific products.	Individual Preferances	13%
The price at which the market is in equilibrium because the quantity that consumers want to buy (demand) is the same as the quantity that firms want to offer for sale (supply).	Market Price	13%
Shows the relationship between the price of a good and the quantity supplied of that good.	Supply Curve	13%
A stock of assets owned by an individual or organisation.	Wealth	13%
Occurs when a good might be purchased as an alternative to another good.	Demand for a Subsitute Good	0%
Occurs when the supply of one good automatically leads to the production of another good.	Joint Supply	0%