Ryan King

HideShow resource information
Price elastic
price rise causes a contraction in demand, then demand is said to be price elastic
1 of 21
Economic equilibrium
may also be defined as the point at which supply equals demand for a product,
2 of 21
Demand for a product will decrease if
there is a surplus of a product
3 of 21
The price for a product will go up if
it is in demand
4 of 21
if demand outweighs a charge
the price is inelastic
5 of 21
an industry supply curve is more likely to be elastic if
firms are operating below full capacity
6 of 21
As prices fall
we see an expansion of demand
7 of 21
If price rises
there will be a contraction of demand
8 of 21
a consequence of inflation is
profit margins decreasing
9 of 21
raisng interest rates
reduce inflation
10 of 21
a depreciation of sterling would
increase the holiday demand
11 of 21
if the pound rose in value
the number of tourists to the UK would decrease
12 of 21
what are economic consequences of unemployment
a decline in real national output and income
13 of 21
supply side measures to reduce unemployment
increasing government borrowing
14 of 21
students who leave school i the spring and look for work
are a source of frictional unemployment
15 of 21
cyclical unemployment is
a fact of overall unemployment which relates to the cyclical trends in growth and production
16 of 21
structural unemployment is
a result of technological change
17 of 21
hidden unemployment
are not reflected in statistics, as these people may not be looking for work. They are unemployed by choice.
18 of 21
short term interest rates in the eurozone are set by
the European central bank
19 of 21
an appreciation of a countries exchange rate will result in
an increase in the price of its exports to other countries
20 of 21
household spending
is not a component of aggregate demand
21 of 21

Other cards in this set

Card 2

Front

Economic equilibrium

Back

may also be defined as the point at which supply equals demand for a product,

Card 3

Front

Demand for a product will decrease if

Back

Preview of the front of card 3

Card 4

Front

The price for a product will go up if

Back

Preview of the front of card 4

Card 5

Front

if demand outweighs a charge

Back

Preview of the front of card 5
View more cards

Comments

No comments have yet been made

Similar All resources:

See all All resources »See all Exam resources »