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Supply & Demand Flashcards | StudBud
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Supply & Demand
Supply & Demand
23 terms
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StudBud Administration
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253 plays
#supply #demand #a-level #economics #ocr #year1 #linear
Flashcards
23 cards
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Questions
23
Answers
1
What is demand?
The desire for a good and the desire to buy it
The desire to provide a good or a service
The desire for a good and the ability to buy it
The desire to provide a good and the ability to sell it
2
When a person’s ability to buy goods and services changes with their purchasing power
Income
Substitute Goods
Input Costs
Complementary Goods
3
What is supply?
The desire to provide a good and the ability to sell it
The desire for a good and the desire to buy it
The desire to provide a good or a service
The desire for a good and the ability to buy it
4
TOPICAL:- What did the High Court rule about Brexit yesterday?
The Government must get a vote in Parliament to start Brexit
The Queen must enact Article 50 as Head of State
The Government can enact Article 50 on their own
Boris Johnson is not allowed near Brussels
5
Applying scientific methods and discoveries to the production process
Labor Productivity
Input Costs
Number of Producers
Technology
6
People choosing a cheaper interchangeable good or service over a more expensive option
Consumer Expectations
Substitute Goods
Complementary Goods
Technology
7
When demand is affected by a good or service’s popularity
Number of Producers
Consumer Expectations
Market Size
Consumer Tastes
8
When an increase in demand for one product causes an increase in demand for another product
Consumer Tastes
Input Costs
Complementary Goods
Substitute Goods
9
Which image represents a supply curve?
option 2
option 4
option 3
option 1
10
If demand increases in a market, what would happen to producer surplus?
It would decrease
It would stay the same
We cannot be certain
It would increase
11
When the government regulates (sets up rules) designed to control business behavior
Number of Producers
Labor Productivity
Market Size
Government intervention
12
A set minimum amount a producer can charge for a good or service
Price Floor
Price Basement
Price Cap
Price Ceiling
13
Example: When someone buys a slice of pizza instead of a burger because the pizza is cheaper
Complements
Substitutes
Frugality
Alternatives
14
According to the law of demand...
As price increases, demand decreases
As price increases, demand increases
As price increases, supply increases
As price increases, supply decreases
15
This is government support or money to encourage an economic activity (and increase supply)
Tariffs
Subsidies
Tax Return
Excise Taxes
16
The amount of goods or services that a person can produce in a given time
Input costs
Producer expectations
Labor productivity
Consumer Expectations
17
Which image represents a demand curve?
option 2
option 3
option 1
option 4
18
An example of a price floor is...
A Tax Break
Minimum Wage
Rent Control
A Subsidy
19
According to the law of supply...
As price increases, demand decreases
As price increases, supply decreases
As price increases, supply increases
As price increases, demand increases
20
When the price of the resources used to make the products affects supply
Number of Producers
Labor Productivty
Market Size
Input Costs
21
When demand changes as the number of consumers increases or decreases
Number of Producers
Labor Productivity
Market Size
Complementary Goods
22
If one firm kept their price the same after the increase in demand, they would experience...
A surplus
Rising costs of production
Rising revenues
A shortage
23
A set maximum amount a producer can charge for a good or service
Price Ceiling
Price Cap
Price Basement
Price Floor
