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HJM Economics: Supply & Demand Flashcards | StudBud
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HJM Economics: Supply & Demand
HJM Economics: Supply & Demand
15 terms
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StudBud Administration
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18 plays
SS 7th Grade
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
An economic system that combines elements of all the other basic systems.
Market
Mixed
Traditional
Command
2
In which economy is economic freedom is most practiced?
command
mixed
traditional
market
3
How much someone wants to buy something:
scarce
supply
demand
available
4
Supply and demand refers to the idea that...
Going to college.
The availability of a product, and the need for the product
The more food you have, the more you can eat.
Farming, crops, & cattle
5
NOT enough supply to meet the demand:
supply
demand
available
scarce
6
An economic system with complete government control
Command
Market
Traditional
Mixed
7
When DEMAND is HIGH, price is _________?
high
low
8
An economic system heavily influenced by habits, customs, and religious beliefs.
Command
Market
Traditional
Mixed
9
Enough supply to meet the demand:
demand
scarce
equilibrium
supply
10
What is an Economic System?
Definitely not this one.
A system of economics
A recording of how money is spent
Organized way of providing for people's wants and needs
11
When SUPPLY is HIGH, price is _________?
high
low
12
When SUPPLY is LOW, price is _________?
high
low
13
An economic system that combines more than one system
Command
Market
Mixed
Traditional
14
How much of a good is available:
available
scarce
demand
supply
15
When DEMAND is LOW, price is _________?
high
low
