- Created by: Kieron0708
- Created on: 25-05-18 21:14
1. What is equilibrium?
- The state where economic forces such as supply and demand are equal
- where economic forces such as needs and wants are equal.
- where the definition of Economics is Equal to business.
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Other questions in this quiz
2. What is price elasticity of supply?
- price elasticity of supply (PES) measures the relationship between change in quantity supplied and change in price
- measures the relatioship between Prince harry and megan markle
- measures the relationship between supply and demand and equilibrium
3. What is a want?
- A diamond necklace
- Yet another Random Econ topic
- A good or service that we desire or wish for
- something that is needed
4. What is a need?
- something that is wanted
- A good or servise that is required
- something that isnt needed
- some random Econ Topic
5. What are the Economic groups?
- taxis, trains and planes
- core, ground and sky
- consumer, producer and government
- builder, factory, lorry drivers
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