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Supply and Demand Flashcards | StudBud
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Supply and Demand
Supply and Demand
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An #economics quiz about the factors of #supplyanddemand #grade12
Flashcards
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Questions
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Answers
1
Factor of Supply or Demand: market size
demand
supply
2
Factor of Supply or Demand: consumer tastes
demand
supply
3
Who affects demand?
consumers
producers
4
Why do consumer expectations influence demand?
What you expect $$ to do in the future influences you today
What other people say about it makes you want to buy it.
If it's not quality, you won't buy it
They don't
5
Factor of Supply or Demand: income
supply
demand
6
Factor of Supply or Demand: complements
demand
supply
7
What is the law of supply?
As prices fall, the quantity supplied doesn't change
As prices rise, the quantity supplied rises
As prices rise, demand rises
As prices fall, producers go out of business
8
Factor of Supply or Demand: government action
supply
demand
9
This "law" says that continued access to a product in a given time will decrease its value
law of substitution
law of diminishing marginal utility
law of increasing opportunity costs
law of supply
10
Factor of Supply or Demand: labor productivity
supply
demand
11
Factor of Supply or Demand: technology
supply
demand
12
Factor of Supply or Demand: input costs
supply
demand
13
Factor of Supply or Demand: substitutes
supply
demand
14
What is the law of demand?
As prices rise, quantity demanded rises
As prices fall, quantity demanded goes up
As prices fall, quantity demanded goes down
As prices fall, quantity demanded remains the same
15
Who affects supply?
producers
consumers
16
What is the value of something that is given up to get something else that is wanted?
opportunity cost
incentives
economics
utility
17
Why do producer expectations influence supply?
If they expect their workers to work hard, supply increases
Believing prices will go up/down affects how much they make.
Expecting people to buy common goods means they supply more
They don't.
