Supply is the quantity of a good or service that a producer is...

willing and able to sell at a range of prices

Define producer sector

Firms that produce goods & services

What is the best definition of Economics?

How people choose to use resources to deal with scarcity

What is opportunity cost?

The next best alternative forgone

The law of demand states that as...

Price increases, quantity demanded decreases ceteris paribus, Price decreases, quantity demanded increases ceteris paribus

A movement up/down a demand curve is due to a change in price. The effect of this is...

A change in the quantity demanded

What does ceteris paribus mean?

All factors influencing demand except price remain constant

What are the red arrows showing on this demand curve?

Price decrease, quantity demanded increase, movement down

Having limited resources but unlimited wants and needs

Which statement is TRUE?

Households own resources. Firms use these to produce G & S

For consumers to "demand" goods & services, they need to be...

Willing and able to purchase them

Define household sector

Consumers - individuals who demand goods & services

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Economics Revision

23 termsStudBud Administration158 plays

An quiz to revise the basics of #year10 #economics

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Questions 23

Answers

1
Supply is the quantity of a good or service that a producer is...
willing and able to sell at a fixed price
willing and able to sell when demand is high
willing and able to sell at a range of prices
willing and able to sell within a certain time frame
2
Define producer sector
Consumers - individuals who demand goods & services
Consumers who want and need things
Houses that make resources for consumers
Firms that produce goods & services
3
What is an example of an INTERNAL factor affecting supply?
Environmental issues
Production costs
Trade restrictions
Legal Requirements
4
What is the best definition of Economics?
The study of people and how they invest their money
How people choose to use resources to deal with scarcity
How and why people make money and what they do with it
Financial decisions people make and how this affects life
5
There are many factors that affect the supply decisions of a producer. Internal factors are...
Things the firm CANNOT control
Things the firm CAN control
6
You can either move UP or DOWN a demand curve. This is caused by a...
change in SUPPLY
change in CONSUMER
change in PRICE
change in INCOME
7
What is opportunity cost?
The next best alternative forgone
When you make sacrifices
The most preferred option
When you have too many opportunities
8
The law of demand states that as...
Price decreases, quantity demanded decreases ceteris paribus
Price increases, quantity demanded decreases ceteris paribus
Price decreases, quantity demanded increases ceteris paribus
Price increases, quantity demanded increases ceteris paribus
9
The market for goods and services shows the exchange of
resources and goods & services
resources and money
goods & services and money
money and labour
10
A movement up/down a demand curve is due to a change in price. The effect of this is...
A change in the quantity demanded
A change in income
A change in the quantity supplied
A change in interest
11
What is the model below called?
Economy model
2 sector circular flow model
4 sector circular flow model
Firms and households model
12
Each household resource has a different return. If you are an ENTREPRENEUR you will get
RENT in return
WAGES in return
PROFIT in return
INTEREST in return
13
What does ceteris paribus mean?
All factors influencing demand except price remain constant
All factors that influence demand change
All factors influencing demand remain the same
All factors except price contribute to demand
14
What are the red arrows showing on this demand curve?
Price decrease, quantity demanded increase, movement down
Price increase, quantity demanded increase, movement down
Price increase, quantity demanded decrease, movement up
Price decrease, quantity demanded decrease, movement up
15
What is an example of an EXTERNAL factor affecting supply?
Environmental issues
Production costs
Technological developments
The price of other goods the firm can produce
16
What is scarcity?
When there is low demand for a good or service
Having unlimited resources but limited wants and needs
When demand is high for a good or service
Having limited resources but unlimited wants and needs
17
Showing the law of demand on a graph is called?
The demand curve
The demand graph
The demand line
The law of demand
18
The market for resources shows the exchange of
resources and goods & services
money and labour
goods & services and money
resources and money
19
Each household resource has a different return. If you supply LABOUR you will get __________
WAGES in return
RENT in return
PROFIT in return
INTEREST in return
20
Which statement is TRUE?
Firms own resources. Households use these to produce G & S
Households produce G & S so they can receive income
Households own resources. Firms use these to produce G & S
Firms and households work together to make resources
21
There are many factors that affect the supply decisions of a producer. External factors are...
Things the firm CANNOT control
Things the firm CAN control
22
For consumers to "demand" goods & services, they need to be...
Window shopping to see what is out there
High income earners
Able to afford them
Willing and able to purchase them
23
Define household sector
Consumers - individuals who demand goods & services
Firms that produce goods & services
Houses that make resources for consumers
Consumers who want and need things

Economics Revision Flashcards | StudBud