EPF - Unit 1 - The Basics of Economics

The amount by which the quantity supplied is higher than the quantity demanded.

When economic decisions are made y the government

An economy that involves individuals and the government making economic decisions

The amount by which quantity demanded is higher than the quantity supplied

The individual responsible for combining the resources together for production to take place

The quality of labor resources is known as

The point where supply and demand are balanced and their is no surplus or shortage.

Because we experience scarcity, we are forced to make choices. This results in

The desire, willingness, and ability to buy a good or service.

Producers will make more of a product when the price is high and less of a produce when the price is low.

Consumers will buy less of a product if the price is high and more of a product if the price is low

A market structure that consists of only one seller or producer.

A product that can be used in the place of another such as coke and pepsi.

A good that goes well with another good such as peanut butter & jelly.

The resources necessary to produce goods and services

When there is a limited supply available to meet unlimited wants.

When economic decisions are based on customs and the way things have always been done

A type of marketplace where multiple companies are selling the same product at essentially the same price.

The study of how people make decisions in a world where wants are unlimited but resources are limited

Which of the following is not one of the 3 key economic questions?

A market shared by a small number of producers and seller such as the soft drink industry.

Refers to the various quantities of a good or service that producers are willing to sell at all possible prices.

When there is a hands off approach in the economy where the government is not involved

Which of the following is not considered a factor of production?

Which of the following is considered a need?

When economic decisions are made by individuals with little government interference