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Econ Unit 2 Review Flashcards | StudBud
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Econ Unit 2 Review
Econ Unit 2 Review
38 terms
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StudBud Administration
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170 plays
Supply, Demand, Equilibrium, Elasticity, Price Controls
Flashcards
38 cards
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Practice quiz
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Questions
38
Answers
1
Overall, on a scale 1-10, I feel this prepared for tomorrow's assessment...
10!
8-9
6-7
5-halp.
2
Amount of good or service that a producer is willing & able to supply
Demand
Quantity Demanded
Supply
Quantity Supplied
3
G represents...
Change in Quantity Demanded
Equilibrium
Demand
Supply
4
A price ceiling would be located near
W
X
Y
Z
5
Table showing quantities demanded at different prices
Demand Schedule
Supply Schedule
Demand Curve
Supply Curve
6
SAT #8
B
C
A
D
7
A represents...
Supply
Change in Quantity Demanded
Demand
Price
8
Consumers' responsiveness to an increase or decrease in price
Demand
Elasticity
Price Control
Supply
9
Quantity supplied is greater than quantity demanded
Surplus
Shortage
Price Floor
Equilibrium
10
Legal minimum price below which a good or service may not be sold
Price Floor
Shortage
Equilibrium
Surplus
11
SAT #2
B
C
D
A
12
Government set maximum price that can be charged for a good or service
Price Floor
Surplus
Price Ceiling
Rationing
13
E represents...
Price
Quantity
Supply
Demand
14
Quantity demanded is greater than quantity supplied
Equilibrium
Price Ceiling
Shortage
Surplus
15
Downward sloping line that shows relationship between price and quantity
Demand Curve
Demand Schedule
Supply Curve
Supply Schedule
16
Inverse relationship between quantity demanded and price
As price goes up, demand goes down
As price goes up, demand goes up
As price goes up, supply goes up
As price goes up, markets go down
17
If 2 items satisfy the same need, price of one rises...
People buy more of the lower priced good
People buy more of the higher priced good
People don't care
Demand will increase
18
Additional satisfaction decreases with each additional unit consumed
Substitution Effect
Diminishing Marginal Utility
Real Income Effect
Real Utility Effect
19
Amount of a good or service that producers are able & willing to sell
Supply
Quantity
Utility
Demand
20
Upward sloping line that shows relationship between price and quantity
Demand Curve
Demand Schedule
Supply Curve
Supply Schedule
21
Amount of a good or service that consumers are willing & able to buy
Supply
Market
Demand
Quantity
22
SAT #1
B
A
C
D
23
Rule stating price and quantity move in the same direction
Price
Quantity
Law of Supply
Law of Demand
24
Table showing quantities supplied at different prices
Demand Schedule
Supply Schedule
Supply Curve
Demand Curve
25
Prices of goods & services are determined by...
Neither Demand or Supply
Demand & Supply
Demand
Supply
26
B represents...
Shift in Demand
Change in Quantity Demanded
Shift in Supply
Change in Quantity Supplied
27
SAT #6
A
B
C
D
28
SAT #4
C
D
A
B
29
SAT #7
C
D
B
A
30
SAT #5
C
A
B
D
31
Law of supply-as prices increase...
Suppliers stop producing
Consumers stop buying
Quantity decreases
Quantity increases
32
Process of freely exchanging goods & services between buyers & sellers
Utility
Supply
Marketplace
Demand
33
A price floor would be located near
X
W
Z
Y
34
Increase in population affects demand for products
Demand increases
Prices increase
Demand decreases
Prices decrease
35
SAT #3
D
B
A
C
36
Where demand meets supply
Marketplace
Shortage
Surplus
Equilibrium
37
Inability to buy the same quantity of a good if the price rises while income does not
Real Income Effect
Supply and Demand
Substitution Effect
Diminishing Marginal Utility
38
Shift to the left on demand curve shows
Increase in quantity demanded
Increase in demand
Decrease in demand
Decrease in quantity demanded
