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