went you supply more of a product then what people demand.

What is a market demand schedule?

Overall schedule for multiple people's demand for an item

everyone has the same economic rights under the law.

what is a command economy?

based off of what the government think is best

what is an excise tax?

a tax on the production or sale

how do you find marginal cost?

Dividing change in total cost by change in total product

to little of a supply to met demand for that product.

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scarcity

20 termsStudBud Administration15 plays

A #economic #blindquiz to introduce the basic principles of economics to #grade12

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Questions 20

Answers

1
What is one disadvantage of a partnership?
Unlimited Liability
Joint Decision Making
Specialization
Access to Resources
2
what is surplus?
went you supply more of a product then what people demand.
to little of a supply to met demand for that product.
3
What is a market demand schedule?
Overall schedule for multiple people's demand for an item
a demand schedule for a single person's demand for something
4
Legal equality is
ability to compete in the marketplace free of choice
people decide which legal agreements to enter into
everyone has the same economic rights under the law.
5
which is inelastic?
Gasoline
Tobacco
6
as prices fall quantity demand goes?
down
up
7
For demand. think as a?
consumer
producer
8
What is one basic type of cooperatives?
specialization
Consumers
Entrepreneurship
9
how many people does it take to make a pencil?
100
everyone
1000
10
10
for supply, think as a?
producer
consumer
11
Who created the invisible hand theory?
Karl Marx
Milton Friedman
Thomas Robert Malthus
Adam smith
12
what is a ppc
Production Planning Control
Production Possibilities Curve
Project Planning Chart
Public Protection Class
13
scarcity affects everyone
false
true
14
what is a command economy?
based off of individual wants
based off of what the government think is best
15
what is an excise tax?
a tax on the production or sale
the price of the resources used to make products
set of rules or laws designed to control business behavior
16
what is one advantage of a partnership
Potential for Conflict
Unlimited Liability
Few Regulations
Limited Life
17
how do you find marginal cost?
Dividing change in total cost by change in total product
Multiply change in total cost by change in total product
18
Robert Johnson founded?
espn
BET
abc
pbs
19
as prices rise quantity demand goes?
up
down
20
what is a shortage
supply more of a product then what people demand
to little of a supply to met demand for that product.

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