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Economics Mini Unit Flashcards | StudBud

Explore/Economics Mini Unit

What does it mean for the price when the supply and demand are the same?

What are human resources?

Economics Mini Unit

10 terms·StudBud Administration·20 plays

Basics of economics, focusing on producers, consumers, supply, demand, and resources.

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Questions 10

Answers

1
What are human resources?
people
screwdriver
wood
aluminum
2
What does it mean for the price when the supply and demand are the same?
price is too low
price is too high
price is perfect
3
When there is surplus...
supply and demand are the same
supply is higher than the demand
demand is higher than the supply
4
Whatdoes competition in the market means?
a. Two companies supply the same product
a. There is only one provider of the good
a. Two companies supply the same product
a. One good is always better than another
5
Name a natural resource that is used to make the desk in front of you.
aluminum
screwdriver
me
wood
6
How isprice determined?
a. Quality and supply
a. Supply and demand
a. Quantity and demand
a. Quality and demand
7
When there is a shortage...
demand is higher than supply
supply and demand are equal
supply is higher than demand
8
What is an economy?
a. The government having absolute control
a. The exchange of goods and services
a. Where everything depends on who has the mostmoney
a. The government having absolute control
9
A consumer would rather have a product in....
shortage than in surplus
equilibrium
surplus than in shortage
10
Name a capitol resource that is used to make the desk in front of you
screwdriver
wood
yard
aluminum