Econ Vocabulary 4.5 / 5 based on 3 ratings ? EconomicsProduction and efficiencyASWJEC Created by: ReemaCreated on: 19-09-12 13:34 resources have to be allocated because wants are infinite whilst resources are scarce basic economic problem 1 of 22 economic choices involve the alternative uses of scare resources choice 2 of 22 the minimum which is necessary for a person to survive as a human being needs 3 of 22 the benefits forgone of the next best alternative opportunity cost 4 of 22 a curve which shows the maximum potential level of output in an economy production possibility frontier 5 of 22 desires for the consumption of goods and services wants 6 of 22 extractive and agricultural industries primary sector 7 of 22 production of goods,mainly manufacturing secondary 8 of 22 production of services tertiary sector 9 of 22 the line on a price-quantity diagram which shows the level of effective demand at any given price demand curve 10 of 22 a movement of the whole demand curve to the right or left shift 11 of 22 the quantity of goods that suppliers are willing to sell at supply 12 of 22 the price at which there is no tendency to change equilibrium 13 of 22 where demand is greater than supply excess demand 14 of 22 where supply is greater than demand excess supply 15 of 22 a good which is purchased with other goods to satisfy a want complement 16 of 22 a good which can be replaced by another to satisfy a want substitute 17 of 22 where price elasticity of demand is less than 1 inelastic 18 of 22 where price elasticity is greater than 1 elastic 19 of 22 where the value of price elasticty of demand = 1 Unitary elasticity 20 of 22 a measure of the responsiveness of quantity demanded to a chenge in income income elasticity of demand 21 of 22 a measure of the responsiveness of quantity supplied to a chenge in price price elasticity of supply 22 of 22
The labour government had solved Britain's economic problems by 1970. Explain why you agree or disagree with this view. 1.0 / 5 based on 1 rating
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