The Price Mechanism in Action (Edexcel A-Level Economics A): Flashcards
📚Flashcards
Practise the cards
10 cards from this deck
ShowHide
Practise the cards
10 cards from this deck
Agricultural supply volatility main cause
Agricultural supply volatility main cause
Unpredictable weather and climate conditions
Commodity market demand pattern
Commodity market demand pattern
Varies with business cycles (booms increase, recessions decrease)
Futures markets definition
Futures markets definition
Buy commodities now for future delivery at agreed prices
OPEC role
OPEC role
Cartel coordinating production among oil-producing nations
Interest rates effect on housing demand
Interest rates effect on housing demand
Low rates encourage buying; high rates reduce demand
Exchange rate definition
Exchange rate definition
Price at which two currencies trade
Derived demand meaning
Derived demand meaning
Demand for something to buy goods/services/assets with it
Indirect tax definition
Indirect tax definition
Tax on expenditure on goods/services, paid by seller
Tax incidence meaning
Tax incidence meaning
How tax burden divides between buyers and sellers
Nudge theory definition
Nudge theory definition
Influencing choices by making desirable decisions easy