A-Level Economics

A-Level Economics A bear - qualified answerssomeone who sells shares expecting their price to fall. A bull - qualified answerssomeone who buys shares expecting their price to rise. A central bank - qualified answersa government-owned bank which provides banking services to the government and commercial banks. A co-operative - qualified answersa firm that exists for the benefits of its members. A contraction in demand - qualified answersa fall in the quantity demanded caused by a rise in the price of the product itself. A contraction in supply - qualified answersa fall in the quantity supplied caused by a fall in the price of the product itself. A decrease in demand - qualified answersa fall in demand at any given price, causing the demand curve to shift to the left. A decrease in supply - qualified answersa fall in supply at any given price causing the supply curve to shift to the left. A market economy - qualified answersan economy where consumers determine what is produced, resources are allocated by the price mechanism, and land and capital are privately owned. A merit good - qualified answersa product which the government considers as beneficial and which will be under-consumed if left to market forces. A mixed economy - qualified answersan economy in which both the private and public sectors play an important role. A partnership - qualified answersa business organization for two or more people who are personally responsible for its debts and share its profits