Home Library Explore SAT

Home Library Explore SAT

GCSE Economics Supply and Demand Flashcards | StudBud

Explore/GCSE Economics Supply and Demand

What is the labour productivity formula?

Name a disadvantage of specialisation.

GCSE Economics Supply and Demand

10 terms·StudBud Administration·758 plays

Supply and demand

Flashcards10 cardsFPractice quizPHost liveL

Questions 10

Answers

1
Name a disadvantage of specialisation.
Mobility of labour is decreased.
If a worker is off, production is limited.
Workers may become bored.
Production is slower.
2
What is the labour productivity formula?
Total output/ number of units of labour.
Hours worked multiplied by wage rate.
Hours worked multiplied by number of employers.
Hours worked in total minus hours wasted
3
What has happened in this diagram?
Demand has increased
Supply has decreased
Supply has increased
Demand has decreased
4
what is the definition of supply?
Amount of goods/services bought
Total goods producers supply to the market for a given price.
Quantity of goods producers demand from the market
Willing producers supplying to businesses
5
What is the reward for enterprise?
Rent
Interest
Profit
Wages
6
What factor of production is easy to replace short term?
Supply
Enterprise
Labour
Capital
7
What is a benefit of specialisation to a business?
The process is faster and more efficient
The workers get paid more
The business creates more jobs
The employee becomes professional at the job
8
What would cause the demand curve to shift?
Income
All of the above
Advertising
Population
9
What is equilibrium?
At a certain price, demand and supply are balanced.
Demand is at its highest rate.
Demand and supply is at its highest rate.
Demand and supply are imbalanced at a given price.
10
Which is the demand curve?
A
B