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Supply & Demand + Basics of Economics (2024) Flashcards | StudBud
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Supply & Demand + Basics of Economics (2024)
Supply & Demand + Basics of Economics (2024)
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1
Ozzie takes a ride in his car; he is not able to watch TV with the family. What is TV watching?
production
an opportunity cost
land
scarcity
2
What does this represent?
Increase in quantity demanded?
Increase in demand?
Decrease in quantity demanded?
Decrease in demand?
3
If more is produced (higher supply) than what is demanded, you will have a:
Equilibrium
Shortage
Surplus
4
What type of good is for immediate use or for a shorter span of time (less than a year)?
Durable Good
Non-durable Good
5
What is represented in the graph?
Change in Marginal Utility
Change in Demand
Change in Supply
Change in Quantity Demand
6
Which of the following is a want?
Shelter
Food
Clothing
A pet iguana
7
What is the fundamental economic problem?
Money
Scarcity
Starting a business
Loans
8
What is economics?
study of running a business
study of making choices in a world with limited resources
study of behavior and mental process
study of making money
9
What is TINSTAAFL?
There is no such thing as a free lunch
the next best thing when you cannot choose two options
There is no talking at a ferocious llama
An overrated beach resort in Florida
10
What is this image representing?
a table
a supply curve
a production possibilities frontier
a demand curve
11
Sillybands and Furbies are examples of:
Special Influences
Fads
Expectations
Compliments
12
What is: The combination of the desire, willingness, and ability to buy a good or a service
Productivity
Wealth
Demand
Supply
13
Which factor of production is "gifts of nature not made by humans?"
Capital
Entrepreneur
Labor
Land / Natural Resources
14
Which economic system uses long-established ways of behaving and often people will barter?
Market
Mixed
Traditional
Command
15
According to the graph, how many oranges are produced if 120 apples are produced
160
2
200
80
16
What curve is depicted?
Supply Curve
Demand Curve
Production Possiblities
Supply and Demand Curve
17
Which of the following is a need?
several cars to drive
clean drinking water
a vacation
a large wardrobe of clothes
18
In Economics, what do we call something that you can use or consume?
A Service
A Good
19
Sally is looking at buying a doll. There are four options. We would call these...
labor
creepy
trade-offs
scarcity
20
What type of product is produced for you to use in your home?
Consumer Good
Capital Good
21
Which type of economic system is used by most countries today?
Market
Command
Mixed
Traditional
22
What is it called where supply and demand are equal?
Equilibrium
Surplus
Shortage
23
What is required for a change in quantity demanded?
no change
a change in the resources
a change in price
a change in number of consumers
24
What does this represent?
Change in Quantity Demanded
Change in Supply
Change in Demand
Change in Quantity Supplied
25
Which factor of production involves the money, tools, equipment, and factories used to produce?
Land / Natural Resources
Capital
Labor
Entrepreneur
26
consumers will buy more of a product at lower prices and less at higher prices
Law of Marginal Utility
Rule of Law
Law of Supply
Law of Demand
27
What is: the amount of a product offered for sale at all possible prices?
Production Possibilities
Schedule
Demand
Supply
28
amount of goods & services consumers are willing to buy at various prices at a particular time
Supply
Demand
Productivity
Marginal Utility
29
If there is a terrible blizzard headed towards Green Bay, what will happen regarding food?
Demand will decrease
Quantity Demanded will decrease
Quantity Demanded will increase
Demand will increase
30
Which change in supply would be due to workers getting more done in their time at work?
Subsidies
Number of Sellers
Technology
Productivity
31
What was the concept this video was designed to demonstrate?
Law of Supply
Law of Diminishing Marginal Utility
Food Poisoning
Elasticity
32
Peanut butter and grape jelly are examples of:
Complements
Substitutes
Future Expecations
Consumer Incomes
33
What happens at point C?
it would be a higher output of the product on the y axis
it would be inefficient - less products could be produced than possible
it would be a higher output of the product on the x axis
nothing - it is impossible
