Unit 4 Econ Review

Prices are signals to whom?

A graph that shows supply and demand

Price where quantity supplied equals quantity demanded

The goals of a consumer

minimum legal price that a seller can charge

The goals of a producer

maximum legal price that can be charged for a product

limits on rent in NYC is an example of a...

Adjusting to unforeseen events is which advantage of prices?

What happens when too much money is printed and the value of money goes down

keep certain products affordable but limit their supply

(Unit 3) Which of the following is not a function of money?

price limits to help the sugar industry stay alive is an example of a...

If lawmakers think a price is too high, they may introduce a...

When prices are not used for distributing goods or services we use which economic concept?

A table that shows supply and demand

increase income but lower demand

Competition among sellers promotes which advantage of price?

Which of the following is NOT a problem with allocating goods and services without prices?

(Unit 3) Which of the following is not a characteristic of money?

Situation where quantity supplied is greater than quantity demanded

If lawmakers think a price is too low, they may introduce a....

A compromise between the buyer and seller is which advantage of price?

Prices help allocate resources within and between markets.

The monetary value of a good or service