Supply, demand
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Positive statement | A viewpoint which can be tested, fact.
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| Normative statement | A viewpoint which is opinionated without evidence
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| Is "The crime rate is higher in the UK then other countries" a positive or normative statement? | Positive
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| Need | Something people must have, that they cannot do without, e.g. food
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| Want | Something people would desire but which is not essential for survival e.g. PS4
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| Fundamental economic problem | The idea that there are scarce resources to allocate to the unlimited quantity of goods and services people desire.
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| What is used to decide the economic problem? | What to produce? How to produce it? And, for whom?
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| Production | The process of converting factors of production into product
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| Finite resource | A resource, such as oil, which is scarce and runs out as it is used. The environment is a scarce resource.
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| Opportunity cost | The next best alternative foregone when a choice is made
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| Factors of production | Land, Labour, Capital and Enterprise.
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| Contraction of Demand | Reduced quantity, increased price
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| Extension of Demand | Increased quantity, reduced price
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| Ceteris Paribus | all other things being equal
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| Pareto Efficient | Resources allocated in the most efficient manner
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| Contraction in Supply | Reduced quantity, reduced price
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| Extension of Supply | Increased quanity, increased price
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| Determinants of Supply | Productivity, Indirect taxes, No of Firms, Technology, Subsidy, Weather, Cost of production
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| Tariff | Tax or duty to be paid on a particular class of imports or exports
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| Market | Where buyers meet sellers
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| Equilibrium/ Market clearing price | Where demand meets supply
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| Price Mechanism | Allocate, Rationing, Signal, Incentives
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| Consumer surplus | Price consumers are willing and able to pay subtracted by the price they pay for a good or service
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| Producer surplus | Price producers are willing and able to sell subtracted by the price they sell for a good or service
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Created by:
Haribro
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