Economics A-Level
Supply and demand
What Supply and demand means in Economics A-Level, as defined for AQA.
Definition of Supply and demand
Check what you remember
Read the wording for your board, then hide it and explain Supply and demand in your own words. Rough notes are fine. This is a self-check, with no mark or grade.
Reference: AQA
The market forces whose interaction determines relative wage rates by establishing equilibrium prices for different occupations.
Topics that use Supply and demand
- The determination of relative wage rates and levels of employment in perfectly competitive labour markets (AQA A-Level)
Related terms
- Imperfect information
- Labour immobility
- Labour markets
- Marginal revenue product
- Market equilibrium
- Monopsony
- Perfect competition
- Trade unions
Using Supply and demand in the exam
Check the command word and mark scheme for your exact question. After comparing your explanation with the reference, use the term in an answer on the linked topic. This practice does not predict an exam mark.
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