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2017-2018 Economics Unit 2 Vocabulary Microeconomics Flashcards | StudBud
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2017-2018 Economics Unit 2 Vocabulary Microeconomics
2017-2018 Economics Unit 2 Vocabulary Microeconomics
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An #economics #quiz to review #microeconomics vocabulary
Flashcards
20 cards
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Questions
20
Answers
1
Determined by the interaction of the supply and demand curves on a graph.
demand elasticity
complementary price
factor market
equilibrium price
2
A rivalry that may refer to rivalry among firms, individuals, or the race to control resources
competition
demand
corporation
market
3
Where buyers and sellers learn information from 1 another and exchange goods, services, & money
Competition
Market
Households
Corporation
4
The amount of a good or service that consumers are willing & able to buy at a given price.
goods
demand
market
supply
5
This is when the demand for a product is highly responsive to changes in price.
inelastic
elastic
market
equilibrium
6
Graph that shows relationship btwn the price of good & quantity buyers are willing to purchase.
supply curve
demand curve
equilibrium price
produce market
7
The legally accepted payment for goods and services
Demand
Money
Barter
Supply
8
The relationship btwn changes in the demand quantity of a good & the changes in its price.
equilibrium price
Law of Demand
demand elasticity
Law of Supply
9
A product that can be used to satisfy a want or need
market
demand
goods
money
10
States that more of a product will be produced when the price is high & less when price is low
Law of Demand
Law of Elasticity
Law of Supply
Law of Equilibrium
11
This describes the state of a market with respect to competition.
Product Market
Market structure
Factor Market
Equilibrium Market
12
The section of the economy made up of individuals and/or families. One of the main actors.
government
business
firm
household
13
the person or persons who purchase a good or service
market
corporation
buyer
producer
14
The part of the economy where labor and resources are sold
factor market
product market
market structure
corporation
15
Market structure with many producers, selling differentiated products. Use advertising.
Sole Proprietorship
Monopolistic Competition
Oligopoly
Partnership
16
A two sector economic model showing how firms/businesses and consumers/households, interact.
supply curve
circular flow diagram
equilibrium price
demand curve
17
Type of business organization that is recognized as a legal entity & can sell stock
market structure
factor market
household
corporation
18
Rule stating that more of a product will be consumed at a lower price & less at a higher price
Law of Equilibrium
Law of Competition
Law of Supply
Law of Demand
19
A physical item that has an increase in demand when the price of another item decreases.
Law of Demand
demand elasticity
complementary product
substitute product
20
When the demand of a product is weakly responsive to price changes.
market
elastic
competition
inelastic
