IGCSE Economics Key terms topics 1-2.3

___________ is the quantity of a good that consumers are willing to purchase at a given price.

___________ is a measure of responsiveness of quantity demanded to a change in price.

__________ is the cost of passing up the next best choice when making a decision

__________ is not having sufficient resources to produce enough to fulfill unlimited wants

A balance of supply and demand, the point where both sellers and buyers are happy with the price and quantity is known as

• Equity

• Equality

• Equilibrium

• Equal

The resources of land, labour, capital and enterprise are known as the__________________

___________ is a way of considering fairness in the distribution of income and wealth and in the outcome of economic activities.

• Equilibrium

• Equity

• Equality

• Equal

______________ is a measure of how well workers, businesses, government or a country produce goods and services.

__________ is the key term to a describe a product with a PED coefficient of >1

The amount by which demand is greater than supply is known as

• Excess supply

• Excess demand

• Increase demand

• Increase supply