Micro economics Definitions AQA A level Economics Questions and
Answers with Verified Solutions | Latest 2026 Update
Q: asymmetric information
Answer:
a situation in which one side of the market has more reliable
information than the other side
Q: bounded rationality
Answer:
When making decisions, an individual's rationality is limited by the
information they have, the limitations of their minds, and the finite amount of time
available in
which to make decisions
Q: Bounded self control
Answer:
Individuals lack control to act in what they see as their self interest
,Micro economics Definitions AQA A level Economics Questions and
Answers with Verified Solutions | Latest 2026 Update
Q: availability bias
Answer:
the tendency for people to base their judgments on information that is
readily available to them
Q: Social norms
Answer:
behavioural expectations or rules within a group
Q: Demand
Answer:
the quantity of a good or service that consumers are willing and able to buy at a
given price per period
, Micro economics Definitions AQA A level Economics Questions and
Answers with Verified Solutions | Latest 2026 Update
Q: Supply
Answer:
the quantity of a good or service that businesses are willing and able to provide at a
given price per period
Q: equilibrium
Answer:
the price at which quantity demanded meets quantity supplied
Q: citrus paribus
Answer:
all other factors remaining constant
Q: Disequilibrium
Answer:
a combination of price and quantity traded which has a tendency to change
for given demand and supply conditions
Answers with Verified Solutions | Latest 2026 Update
Q: asymmetric information
Answer:
a situation in which one side of the market has more reliable
information than the other side
Q: bounded rationality
Answer:
When making decisions, an individual's rationality is limited by the
information they have, the limitations of their minds, and the finite amount of time
available in
which to make decisions
Q: Bounded self control
Answer:
Individuals lack control to act in what they see as their self interest
,Micro economics Definitions AQA A level Economics Questions and
Answers with Verified Solutions | Latest 2026 Update
Q: availability bias
Answer:
the tendency for people to base their judgments on information that is
readily available to them
Q: Social norms
Answer:
behavioural expectations or rules within a group
Q: Demand
Answer:
the quantity of a good or service that consumers are willing and able to buy at a
given price per period
, Micro economics Definitions AQA A level Economics Questions and
Answers with Verified Solutions | Latest 2026 Update
Q: Supply
Answer:
the quantity of a good or service that businesses are willing and able to provide at a
given price per period
Q: equilibrium
Answer:
the price at which quantity demanded meets quantity supplied
Q: citrus paribus
Answer:
all other factors remaining constant
Q: Disequilibrium
Answer:
a combination of price and quantity traded which has a tendency to change
for given demand and supply conditions
