LS10

Question 1

Excess Demand

Answer 1

When the quantity demanded exceeds the quantity supplied at a given time

Question 2

Excess Supply

Answer 2

When the quantity supplied exceeds the quantity demanded

Question 3

Equilibrium Price

Answer 3

When the supply meets the demand

Question 4

Equilibrium Price

Answer 4

When the supply meets the demand

Question 5

Supply and Demand diagram, X and Y

Answer 5

X axis - The output measured in units. Output(units)
Y axis - The price level measured in £ or $. Price Level (£)

Question 6

Supply

Answer 6

The quantity of a good or service that firms are willing to produce at a given time period

Question 7

Relationship between Price and Supply

Answer 7

As the price of a good increases, quantity supplied increases

Question 8

Relationship between Price and Demand

Answer 8

As the price of a good or service decreases, the quantity demanded increases

Question 9

Relationship between Supply and Demand

Answer 9

As the price level increases, Quantity supplied increases and Quantity Demanded decreases

Question 10

Relationship between Supply and Demand

Answer 10

As the price level increases, Quantity supplied increases and Quantity Demanded decreases

Question 11

Bartering

Answer 11

Trading of goods between countries with no money involved.
Inefficient process because it takes lots of time and effort finding countries to barter with

Question 12

Most efficient method of training

Answer 12

Money