Economics- Edexcel 1.2.7
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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| show | changes in market price act as a signal about how scarce resources should be allocated
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| Adam Smith’s invisible hand | show 🗑
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| the 3 main functions of the price mechanism | show 🗑
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| signalling function | show 🗑
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| incentive function | show 🗑
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| show | prices serve to ration scarce resources when market demand outstrips supply
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| centralised | show 🗑
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| decentralised | show 🗑
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| show | occurs when signalling and incentive functions fail to operate optimally leading to a loss of economic and social welfare
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| example of market failure | show 🗑
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| show | occur when buyers and sellers are prepared to use an alternative market to re-sell items that have already been purchased
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| show | in tickets for big concerts, festivals and major sporting events
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| show | any action carried out by the government that affects the market with the objective of changing the free market equilibrium / outcome
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| show | changes in relative prices brought about by subsidies and indirect taxation or imposing maximum and minimum prices
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| law of unintended consequences | show 🗑
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| show | causes an expansion along the supply curve
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| show | minimum price at which a security commodity or currency is offered for sale on a market
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| show | an illegal market in which the market price is higher than a legally imposed price ceiling
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| show | difference between the quantity supplied and the higher quantity demanded when the price is set below the equilibrium price
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| show | when there are unsold goods at the current market price
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| inventories | show 🗑
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| market incentives | show 🗑
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| economic actors | show 🗑
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| show | a measure of the satisfaction that we get from purchasing and consuming a good or service
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Created by:
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