The study of the behavior of firms/markets within an economy

SUPPLY can be defined as the....

amount of a good firms are prep to sell at different prices.

Price Elasticity of Demand can be defined as...

The responsiveness of demand to a change in price

Milk is likely to have...

A low price elasticity of demand

Which of the following statements is likely to be true.... think carefully...

BUSINESSES will want to sell at the highest price possible, CUSTOMERS will want to pay the lowest price possible, ESSENTIAL GOODS are likely to have low price elasticity, LUXURY GOODS are likely to have low price elasticity

Smartphones are likely to have...

A high price elasticity of demand

DEMAND can be defined as the....

amount of a good cust. are prep to buy at different prices

If the price of apples falls, what is likely to happen..

The supply of apples will decrease, The demand for apples will increase

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IGCSE economics Demand & Supply

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Basic economics/demand and supply

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Questions 10

Answers

1
Microeconomics is...
The study of the economies of different countries
The study of the economy as a whole
The study of the behavior of firms/markets within an economy
Study of factors like trade, globalisation, inflation etc.
2
SUPPLY can be defined as the....
amount of a good customers will buy at a given price
amount of all goods and services sold in a market
amount of a good firms are prep to buy at a different prices
amount of a good firms are prep to sell at different prices.
3
Price Elasticity of Demand can be defined as...
The responsiveness of demand to a change in supply
The responsiveness of demand to a change in price
The responsiveness of demand and supply to a price change
The responsiveness of supply to a change in price
4
The price of apples will increase if...
The supply of apples increases
The demand for apples increases
The demand for apples decreases
The supply of apples decreases
5
Milk is likely to have...
A high price elasticity of demand
A low price elasticity of demand
6
Which of the following statements is likely to be true.... think carefully...
BUSINESSES will want to sell at the highest price possible
CUSTOMERS will want to pay the lowest price possible
ESSENTIAL GOODS are likely to have low price elasticity
LUXURY GOODS are likely to have low price elasticity
7
Smartphones are likely to have...
A low price elasticity of demand
A high price elasticity of demand
8
In the diagram, the point where the Supply and Demand lines cross is known as..
Surplus
The Break Even point
Deficit
The Equilibrium
9
DEMAND can be defined as the....
amount of a good cust. are prep to buy at different prices
amount of a good firms are prep. to sell at different prices
sales of a particular good or service
amount of goods and services available in a market
10
If the price of apples falls, what is likely to happen..
The supply of apples will decrease
The supply of apples will increase
The demand for apples will decrease
The demand for apples will increase

IGCSE economics Demand & Supply Flashcards | StudBud