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GCSE Economics OCR How the Market Works Flashcards | StudBud

Explore/GCSE Economics OCR How the Market Works

GCSE Economics OCR How the Market Works

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GCSE economics

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Questions 10

Answers

1
What is an example of perfectly inelastic supply
Clothes
Glasses
Ice Cream
Football tickets
2
What is the basic economic problem.
Scarcity
Specialization
Infinite resources
Capital
3
Why could there be a shift to the right for supply on a supply and demand curve.
Increase in productivity
Reduction in the cost of production
Better technology
All of them
4
What is specialization
Lots of people doing different jobs to make firm efficient
An increase in production
Where someone just does one specific role
Where someone does many jobs
5
What is monopoly power
Where a firm has 25% or more of all market shares
Where a firm has 25% or less of all market shares
Where there re many firms that control the market
6
What is inflation
A decrease in price and an increase in the value of money
A decrease in price and a fall in the value of money
An increase in price and an increase in the value of money
An increase in price but a fall in the value of money
7
What is a planned economy
An economy where the people control the economy
An economy where the government controls the economy
An economy where firms and the government run the economy
An economy where firms control the economy
8
What sector of the economy is a supermarket in
Tertiary
Secondary
None of them
Primary
9
What are Economies of Scales
The lower the fixed costs the lower the average costs
The higher the fixed costs the higher the average costs
The higher the fixed costs the lower the average costs
10
What is the anagram for the 4 factors of production
CELL
CALE
CALL
CEAL