1
Q
What is demand?
A
Demand is the quantity demanded of a given product at a given price during a given period of time
2
Q
What causes the entire demand curve to shift?
A
1) Substitutes
2) Income
3) Population change
4) Income tax change
5) Government spending
6) Seasonal factors
7) Fashion and taste
8) Advertising
9) Complements
10) Emotional factors
3
Q
What is consumer surplus?
A
Consumer surplus is the total of all benefit received by consumers that they did not pay for
4
Q
What is a shift in the demand curve?
A
A movement of the whole demand curve to the right or left of the original caused by a change in any variable affecting demand EXCEPT PRICE
Economics A-Level Micro
flashcards
Decks in class (32)
# Cards
-
1) Economics as a social science3
-
2) Economic Data3
-
3) The economic problem5
-
4) PPF's3
-
5) Specialisation and the division of labour7
-
6) Types of Economy4
-
7) Rational decision making5
-
8) Demand4
-
9) PED8
-
10) YED and XED9
-
11) Supply8
-
12) Price determination3
-
13) Interrelationships between markets5
-
14) Indirect taxes and subsidies4
-
19) The price mechanism1
-
20) Types of market failure4
-
21) Externalities8
-
22) Information gaps4
-
23) Public and merit goods5
-
24) Government intervention in markets1
-
25) Government failure3
-
45) Production4
-
46) Costs8
-
47) Revenue5
-
48) Profit5
-
49) Market structure7
-
50) Perfect Competition7
-
51) Monopoly8
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52) Monopolistic competition1
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53) Oligopoly9
-
54) Contestability3
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Equations8
