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Economics Supply and Demand (r) Flashcards | StudBud
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Economics Supply and Demand (r)
Economics Supply and Demand (r)
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Basic economic terms used to learn supply and demand.
Flashcards
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Questions
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Answers
1
When price increases the amount of goods produced increases. This is what?
The Law of Demand
The Law of Supply
Market Demand
2
The law of diminishing marginal utility, income effect and substitution effect are:
Factors of Production
Factors of Economics
Factors that affect consumer spending
3
What is a substitue good?
A good that makes up part of a good.
A good that replaces a different good.
A good that goes with another good.
4
Payment made to a producer to continue to operate is what?
Excise Tax
Revenue
Subsidy
5
A tax on the manufacture or sale of a good is what?
Excise tax
Revenue
Subsidy
6
What is a complementary good?
A good that goes with another good.
A good that replaces a good.
A good that makes up a part of a whole good.
7
The movement along the demand curve is called what?
Change in Quanitity Demanded
Change in Quantity Supplied
Change in Demand
8
The sum of all the wants in a market is what?
The Law of Demand
Revenue
Market Demand
9
Which of these can shift the demand curve?
Change in Income
Change in Number of Consumers
Change in Technology
10
The movement along the supply curve is called what?
Change in Quantity Demanded
Change in Supply
Change in Quantity Supplied
11
Government pays a company to make a good, Which curve will shift and what shifter is it?
Supply, Change in Government Policy
Supply, Natural Disasters and International Affairs
Demand, Change in Consumer Expectation
12
When price increases the want for that good decreases. This is what?
Market Demand
The Law of Supply
The Law of Demand
13
Which of these can shift the supply curve?
Change in Technology
Change in Goverment Policy
Change in Consumer Expectations
14
<div>Minimum wage increases, which curve will shift and which shifter explains it?</div>
Supply, Change in Producer Expectation
Demand, Change in Income
Demand, Change in Technology