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Sood/Carr Econ-Supply/Demand Flashcards | StudBud

Explore/Sood/Carr Econ-Supply/Demand

Sood/Carr Econ-Supply/Demand

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Questions 12

Answers

1
Equilibrium price is where the demand of a product/service is equal to the supply of a product/service.
True
False
2
what is scarcity
the unlimited access to goods services & labor
your neighbor david stealing vegetables from your garden
unlimited wants limited resources
a resource used in production of other products
3
Human Resources
are natural resources
equipment designed by engineers
increased consumer spending
produce goods and services
4
What happens when the supply is high and the demand is low?
The Prices tend to fall
Prices go crazy and have a party
You have the equilibrium
The Prices tend to increase
5
Consumer preferences and price determine
What is produced
What is purchased
Scarcity
What stays on the shelf.
6
What happens when the Supply is low and the demand is high?
The price increaces
The price decreases
7
Capital Resources?
Things available to be used to produce goods and services
Increased consumer spending
People produce goods and services
People must have access to tools and equipment
8
Available resources and consumer preferences determine
price
what is produced
What is purchased
what is sold
9
What are Economic Resources?
the production of goods and service
Raw materials supplied by nature
things available to be used to produce goods and services
The people who produce goods and services
10
What is economics?
The study of how goods/ services are produced, and consumed
money remaining from revenues after expenses are paid
the study of the government
sales
11
What are the four types of productive resources?
Services, entrepreneurs, goods, natural
Goods, services, import, export
Natural, capital, human, and entrepreneurs
Supply, demand, natural, capital
12
Who determines demand?
Sellers
Buyers