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economics gcse > 2.4 > Flashcards

2.4 Flashcards

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1
Q

price

A

the sum of money you have to pay for a good or service

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2
Q

how is the price determined

A

the interaction of supply and demand

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3
Q

cost

A

how much money it takes the PRODUCER to provide the product

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4
Q

worth

A

how much I value something

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5
Q

efficiency

A

how well an economy produces and distributes scarce resources to meet the demand of consumers

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6
Q

resources

A

all the materials available to meet our needs and wants

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7
Q

whats the best production level

A

average production costs are at their lowest and the profit margin is at its highest

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8
Q

market economy

A

A MARKET OF ECONOMIES

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9
Q

what are the three functions price fulfils in determining efficient distribution of scarce resources

A

signalling, transmission of preferences, rationalising

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10
Q

signalling

A

prices change to signal where the resources are needed

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11
Q

transmission of preferences

A

producers can send info to resource suppliers about changing their needs through their choices

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12
Q

rationing

A

prices help ration scarce resources

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13
Q

equilibrium

A

balance

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14
Q

price equilibrium

A

the quantity demanded and the quantity supplied are the same S=D

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15
Q

what is the equilibrium price

A

the market-clearing price

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16
Q

analysis

A

the use of economic terms ideas concepts and diagrams to help explain the answer

17
Q

phrases that indicate analysis

A

this has an effect on, as a result of this, this can cause

18
Q

excess supply

A

supply exceeds demand

19
Q

consumer sovereignty

A

when the consumer determine what is being produced and for who it is produced

20
Q

market forces

A

these are factors that determine price levels and the availability of their product without government intervention

economics gcse (9 decks)

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