NCC Economics Definitions
Authored by Finan Letts
Other, Business
12th Grade
Used 13+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economics is.....
...the study of how society decides when, what and how to produce
...the study of supply and demand
...easy and you don't need to know any specific words
...only relevant to large businesses and government
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The quantity of goods or services that buyers wish to purchase.
Demand
Supply
Equilibrium
The total market
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A line on a graph that shows the quantity of goods supplied at each possible price in a market
Supply line
Supply curve
X Axis
Equilibrium
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Elasticity is...
...how quantities of goods or services respond to changes in price in a market
...a good thing for businesses as it means they will generate more sales revenue
...used to charge your phone
...do do with clothing, not economics
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The point where supply equals demand in a market is called...
...equilibrium.
...break-even.
...profit.
...balance.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economies of scale is...
...reductions in average costs due to a high level of output.
...the 10 largest economies in the world.
...when businesses merge together.
...increases in total costs due to the difficulties of being a large business.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The total cost of producing goods and services where a firm has time to produce its output as cheaply as possible.
Long run total cost
Minimum total cost
Short run total cost
Efficient total cost
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