Edexcel A Level Business: Topic 1.2 Market Quiz

When prices go up, the demand (the quantity people want to buy) goes down.

Christmas has an impact on the demand for turkey.

What goods are considered fundamental and required for basic human needs and everyday life?

The image below shows what?

When PED is less than 1. Its demand would be known as being what?

The demand curve usually slopes downwards from...

What is it called where the supply meets the demand at the blue dot?

Fashion, tastes, advertising and branding can impact demand. These are known as what?

What does VAT mean?

Income elasticity of demand can also be known by what acronym?

Changes in the cost of production does not impact supply.

Which of these is NOT an external shock to demand?

What type of goods see a decrease in demand when cosumer incomes rise?

A product sees its demand increase from 30 units to 60 units. This is a 50% increase in demand.

What does PED mean?

A YED figure greater than 1 makes the good or service elastic.

If a good is known to be elastic it means that when prices decreases demand will increase significantly more.

YED can help businesses make informed pricing decisions.

Generally, the supply curve slopes upwards from...

iPhone and Android phones are examples of what?