Economics basics

This photo is an example of which of the four factors of production?

If the price of a complement increases, demand for the other product decreases

What are disadvantages of a Traditional Economy?

what causes an increase in demand?

Which of the following describes the law of demand

If the price of a product decreases, demand for its complement _______, EP ________

An increase in demand can...?

What are the 3 basic economic questions?

Describe a MARKET economy in one word

Which of the following could have not caused an increase in demand?

If the demand for product X increases, as the price of product Y increases, then they are

This keeps prices low and quality high.

Communism is signified by

Command economies and Market economies provide a large incentive to work hard

What are the four factors of production?

What is a mixed economy?

This photo is an example of which of the four factors of production?

Which of the following could not cause a decrease in demand?

what is a traditional economy

which of the following would cause a right shift of the demand curve?

What is an example of an opportunity cost?

Economics studies scarcity, how we deal with scarcity and making rational choices

what is opportunity cost?

Which of the following shifts demand?

Law of demand

In the four factors of production, a bulldozer is

If consumer income increases

Reason entrepreneur starts businesses

what is the difference between a change in quantity demanded and a change in demand

What are the 3 basic economic questions?

Increase in demand shifts _____, decrease in demand shifts _____, increase in supply shifts____

The law of supply states

when a rise in income increases the demand for a good; the normal case

For an inferior good, an increase in consumer income will cause

If the price of product L increases, the demand curve for close-substitute product J will:

Capitalism

The US uses a mixed economy

If the price of a product decreases, the demand of its substitute will ___________

As your income increases what will happen to your demand for an inferior good?

Capitalism and socialism are the same thing

 A decrease in demand is shown graphically by

What causes a change in quantity demanded or a change in quantity supplied?

Which of the following could not cause a decrease in demand?

What is demand?

Complements are

Private Property Rights are a part of __________.

Define Voluntary Exchange

A change in demand is

Socialism is controlled by the government and they are responsible for production

Which economic system(s) provide the wants of the people and a high variety of products to choose from

Most economic systems are "mixed" economies

What's a command economy.

What is economics?

substitutes are products that are