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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| price mechanism | show 🗑
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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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| show | they adjust to demonstrate where resources are required
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| show | financial motivations for people to take certain actions
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| show | prices serve to ration scarce resources when market demand outstrips supply
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| show | an economy in which business activities and the allocation of resources are determined by government order rather than market forces
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| show | a type of economic system in which decision-making is distributed amongst various economic agents or localized within production agents
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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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| government intervention | show 🗑
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| examples of government intervention | show 🗑
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| show | actions of people, especially of government, always have effects that are unanticipated or unintended
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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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| black market | show 🗑
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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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| show | unsold products(finished and unfinished) and the raw materials used to make them
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| market incentives | show 🗑
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| show | the participants in economic activities in an economy, grouped into three categories: individuals/households, firms, and the government
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| utility | show 🗑
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
jessharris
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