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SJO Consumer Ed Consumer Basics Recap Flashcards | StudBud
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SJO Consumer Ed Consumer Basics Recap
SJO Consumer Ed Consumer Basics Recap
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SJO Consumer Ed Semester Recap 2015
Flashcards
14 cards
F
Practice quiz
P
Host live
L
Questions
14
Answers
1
Goods or services not necessary for survival
Stuff
Needs
Luxurious Living
Wants
2
Goods or services necessary for survival
Wants
More Stuff
Needs
Stuff
3
Economy where
consumers and businesses alone
decide how to use economic resources
Mixed
Command
Market
Supply
4
Supply is greater than demand
Equilibrium
Bacon
Shortage
Surplus
5
Decides what goods and services are offered in US economic system
Consumers
Consumers/Business
Consumers/Business/Government
6
The way a nation chooses to use its economic resources
Resource Allocation
Economic System
Supply
Demand
7
Price at which supply equals demand
Economic Balance
Equilibrium Price
Allocation
Equality
8
Quantity of a good
businesses
are willing to offer or
sell
at a given price
Equilibrium
Supply
Demand
Surplus
9
Not enough resources to satisfy ALL wants and/or needs
Greed
Economic Scarcity
Poverty
10
Quantity of a good
people
are willing to
buy
at a given price
Demand
Shortage
Supply
Equilibrium
11
Economy where
government alone
decides how to use economic resources
Market
Demand
Mixed
Command
12
Demand is greater than supply
Equilibrium
Surplus
Shortage
Consumer
13
A combination of a market and a command economy
Mixed
Command
Surplus
Demand
14
Term for people who
buy
goods and services
Consumers
Golfers
Seniors
Producers
