stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economics Flashcards | StudBud
Explore
/
Economics
Economics
30 terms
·
StudBud Administration
·
4 plays
Imported from external platform
Flashcards
30 cards
F
Practice quiz
P
Host live
L
Questions
30
Answers
1
Law of Demand
A measure of the change in quantity demanded
the higher the price the less quantity demanded
The creation of or of storage of things that are a want or need
Natural disasters
2
If minimum wages go up and you have to pay your workers more
prices of related goods
complementary
technology
input prices
3
Definition of supply
The higher the price the larger the quantity produced.
the higher the price the less quantity demanded
The creation of or of storage of things that are a want or need
Input prices
4
When a hurricane hits one of our workshops
natural sasters
disasters natural
income prices
natrual disasters
5
Look at the pic and recognize what it is
Elastic Graph
Supply Graph
Inelastic graph
Demand graph
6
what is one determinate of supply?
number of consumers
producers expectations
number of complements
consumer expectations
7
elasticity of supply states:
supply: elastisity that is a no brainer
supply;a measurement of 2 things combined
Supply: Elasticity of supply measures the responsiveness to the supply
supply: elastic materials that go on for a long time
8
what is this?
elastic demand
inelastic supply
elastic supply
inelastic demand
9
When we expect to get more customers so we put more things out for people
producer expectations
producer
consumer expectations
product expectations
10
When the government lowers taxes
gorvernent policies
government policies
governor policies
governert policies
11
what is this?
inelastic supply
elastic supply
elastic demand
inelastic demand
12
Everybody gets a pay raise so ramen noodles demand goes down
creator income
complementary
number of consumers
consumer income
13
what is this?
elastic demand
elastic supply
inelastic demand
inelastic supply
14
How does QD shift for demand
DQ Goes up
DQ goes down
QD goes down
QD goes up
15
Definition of Demand
Demand Definition
The creation of or of storage of things that are a want or need
the higher the price the less quantity demanded
The amount of a good or service the consumer is willing to buy
16
if Jelly prices decreases peanut butter demand increases
taste and preferences
sedimentary
number of consumers
complementary
17
1,000,000 people are born so the demand for shirts goes up
consumer expectations
number of compliments
number of consumers
taste and prefrances
18
elasticity of demand sates:
Demand: A measure of the change in quantity demanded.
demand: A measure of the change in quantity supplied
demand: a change in the room temperature
19
if the computers break down.
prices of related goods
imput prices
complementary
technology
20
what is this?
elastic supply
inelastic demand
inelastic supply
elastic demand
21
When you sell chips and there is a new chip competitor
prices of related goods
technology
complementary
input prices
22
Sale is on Monday so people don’t buy anything from there until then so demand goes down
consumer income
consumer exeptions
consumer expectations
consumer benefits
23
what is one determinate of demand
producer expectations
input prices
consumer expectations
you put prices
24
when you get more producers
none
number of products
number of consumers
number of producers
25
If coke price increases then Pepsi demand increases
Substitute good
number of consumers
taste and preferences
customer expectations
26
Law of Supply
The higher the price the larger the quantity produced.
Government policies
the higher the price the less quantity demanded
Elasticity
27
where is the equilibrium
somewhere on the graph
Where the supply and demand lines meet
at the end
at the end of the supply line
28
How does QS shift for supply
QS goes up
QS goes down
QS goes down
SQ goes up
29
what is the graph type
Elastic
Demand graph
Inealastic graph
Supply graph
30
People prefer the taste of coke so pepsi demand goes down
complementary
consumer income
taste and preferences
coke
