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WorksheetsIGCSE Economics Chapter 2
Total questions: 10
Worksheet time: 6mins
An economy is
an area where people and firms produce, trade and consume goods and services
a city where people and firms produce, trade and consume goods and services
a country where people and firms produce, trade and consume goods and services
a town where people and firms produce, trade and consume goods and services
Which of the following is true?
Microeconomics is the study of the entire economy
Macroeconomics is the study of individual markets
Macoeconomics is the study of the entire economy
Microeconomics is the study of individual markets
What are the three questions to ask in allocating resources?
To decide what goods and services to produce
To decide for who to produce for
To decide how to produce them
To decide where to produce them
What is demand and supply?
Demand is the want and willingness of consumers to buy a good or services at a given price.
Demand is the want and willingness of producers to supply a good or services at a given price
Supply is the want and willingness of producers to supply a good or services at a given price
Supply is the want and willingness of producer to buy a good or services at a given price.
What is this represented?
Extension of Supply
Contraction of Demand
Extension of Demand
Contraction of Supply
What is represented by this?
Contraction of Demand
Contraction of Supply
Extension of Supply
Extension of Demand
What is represented by this?
Extension of Supply
Contraction of Supply
Extension of Demand
Contraction of Demand
What is represented by this?
Extension of Supply
Extension of Demand
Contraction of Demand
Contraction of Supply
What is Price Elasticity of Demand (PED)
the responsiveness of the quantity demanded for it to changes in its price.
the responsiveness of its quantity supplied it to changes in its price.
What affect PED?
Time Period
No. of Subsitutes
Degree of Advertising
Proportion of Income on Commodity
