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Economics 102 - Unit 2 Flashcards | StudBud
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Economics 102 - Unit 2
Economics 102 - Unit 2
32 terms
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1
A good that is always used with another good
SUBSTITUTE
COMPLIMENT
NORMAL GOOD
2
WHICH OF THE FOLLOWING IS A GOOD THAT MIGHT NOT BE BOUGHT WHEN THE PRICE RISES
LUXERY
COMPLIMENT
SUBSTITUTE
3
A FACTOR THAT CAN CHANGE
VARIABLE
QUANTITY SUPPLIED
REGULATION
4
WHAT DO SELLERS DO IF THEY EXPECT THE PRICE OF GOODS THEY SELL TO INCREASE IN THE FUTURE
STORE THE GOODS AND WAIT UNTIL THE PRICE RISES
SELL THE GOODS NOW BUT AT A HIGHER PRICE
SELL THE GOODS NOW, REINVEST MONEY INSTEAD OF RESUPPLYING
5
A GOVERNMENT PAYMENT THAT SUPPORTS A BUSINESS OR MARKET
SUBSIDY
SUPPLY SCHEDULE
LAW OF SUPPLY
6
DOES THIS SHIFT SUPPLY OR DEMAND: CHANGE IN CONSUMER INCOME
SUPPLY
DEMAND
7
HOW IS FUTURE PRICE RELATED TO DEMAND
IF THE PRICE RISES IN THE FUTURE, CURRENT DEMAND WILL DECREASE NOW
IF THE PRICE RISES IN THE FUTURE, CURRENT DEMAND WILL INCREASE NOW
FUTURE PRICE IS NOT RELATED TO DEMAND
8
WHAT KIND OF SYSTEM IN THE US ECONOMY BASED ON
MARKET
PRODUCTION
CAUSE AND EFFECT
9
THE ASSUMPTION THAT NOTHING BUT THE PRICE OF A GOOD WILL CHANGE
CETERIS PARIBUS
INFERIOR GOOD
ELASTICITY OF DEMAND
10
A CHART THAT LISTS HOW MUCH OF A GOOD A SUPPLIER WILL OFFER AT VARIOUS PRICES
LAW OF SUPPLY
SUPPLY SCHEDULE
SUBSIDY
11
DOES THIS SHIFT SUPPLY OR DEMAND: "ACTS OF GOD"
DEMAND
SUPPLY
12
PEOPLE BUY MORE GOODS WHEN THE PRICE IS CHEAPER, LESS WHEN THE PRICE IS HIGH
LAW OF DEMAND
SUBSTITUTE
NORMAL GOOD
13
GOVERNMENT INTERVENTION IN A MARKET THAT AFFECTS THE PRODUCTION OF A GOOD
MARGINAL COST
REGULATION
VARIABLE
14
A GOOD FOR WHICH THE DEMAND FALLS WHEN THE INCOME RISES
CETERIS PARIBUS
ELASTICITY OF DEMAND
INFERIOR GOOD
15
THE TENDENCY OF SUPPLIERS TO OFFER MORE OF A GOOD AT A HIGHER PRICE
LAW OF SUPPLY
SUBSIDY
ELASTICITY OF SUPPLY
16
DOES THIS SHIFT SUPPLY OR DEMAND: CHANGE IN CONSUMER TASTE
SUPPLY
DEMAND
17
DOES THIS SHIFT SUPPLY OR DEMAND: COST OF RAW MATERIALS
SUPPLY
DEMAND
18
WHEN A CONSUMER IS ABLE AND WILLING TO BUY A GOOD, THEY CREATE...
CONSUMPTION
DEMAND
ALLOCATION
19
DOES THIS SHIFT SUPPLY OR DEMAND: COST OF INPUTS
SUPPLY
DEMAND
20
THE AMOUNT A SUPPLIER IS WILLING AND ABLE TO SUPPLY AT A CERTAIN PRICE
VARIABLE
QUANTITY SUPPLIED
MARGINAL COST
21
IN THE PRODUCT MARKET, WHO IS SUPPLYING GOODS AND SERVICES
Households (People)
Businesses
22
THE COST OF PRODUCING ONE OR MORE UNIT OF A GOOD
MARGINAL COST
VARIABLE
REGULATION
23
IN THE PRODUCT MARKET, WHO IS DEMANDING GOODS AND SERVICES
Businesses
Households (People)
24
ALEX RECEIVES A RAISE AT WORK. HIS DEMAND FOR $3 T-SHIRTS, WHICH ARE INFERIOR GOODS, WILL...
DECREASE
INCREASE
25
A GOOD THAT CONSUMERS WILL DEMAND MORE OF WHEN THEIR INCOME INCREASES
SUBSTITUTE
NORMAL GOOD
COMPLEMENT
26
WHAT ARE INFERIOR GOODS
GOODS THAT ARE NOT WELL PRODUCED
GOODS FOR WHICH THE DEMAND FALLS WHEN INCOME RISES
GOODS NO ONE WANTS
27
DOES THIS SHIFT SUPPLY OR DEMAND: CHANGE IN TECHNOLOGY
SUPPLY
DEMAND
28
WHAT KIND OF CHANGES WOULD BE EXPECTED IN THE DEMAND FOR A COUNTRY THAT HAS GROWING POPULATION
DECREASE IN DEMAND FOR RECREATION
INCREASE IN DEMAND FOR SHELTER
DECREASE IN DEMAND FOR CARS
29
A GRAPHICAL REPRESENTATION OF THE QUANTITIES OF A GOOD THAT WILL BE BOUGHT AT EACH PRICE
ELASTICITY OF DEMAND
DEMAND CURVE
INFERIOR GOOD
30
DOES THIS SHIFT SUPPLY OR DEMAND: CHANGE IN NUMBER OF CONSUMERS
SUPPLY
DEMAND
31
HOW HAS THE BABY BOOM GENERATION CHANGED DEMAND IN THE US
DEMAND WAS RAISED FOR DIFFERENT GOODS AT EACH AGE THEY WERE
THEY DID NOT RAISE DEMAND UNTIL THEY WERE ADULTS
PEOPLE WERE POORER, SO OVERALL DEMAND WENT DOWN
32
A GOOD THAT REPLACES ANOTHER DEMANDED GOOD
SUBSTITUTE
NORMAL GOOD
COMPLIMENT
