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GCSE
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More cards in this set
Card 6
Front
Outline a demand function
Back
Card 7
Front
Outline the law of supply
Back
Card 8
Front
Outline the non-price determinants of supply
Back
Card 9
Front
Outline the factors of production
Back
Card 10
Front
Distinguish between movements along the supply curve and shifts of the supply curve
Back
Card 11
Front
Outline a supply function
Back
Card 12
Front
Define and explain market equilibrium
Back
Card 13
Front
Analyse how changes in the determinants of demand and/or supply result in a new market equilibrium
Back
Card 14
Front
Explain why scarcity necessitates choices that answer the "what to produce" question
Back
Card 15
Front
Define opportunity cost, and explain why choice results in opportunity cost
Back
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