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