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MICRO
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1
Bad weather damages most of the orange crop in Florida. What will happen to price of oranges?
it will remain the same
prices will vary widely
it will decrease
it will increase
2
Situation in which quantity demanded is greater than quantity supplied
Productivity
Surplus
Subsidies
Shortage
3
What is an incentive for entrepreneurs to start a business.
creating jobs for family members
company car & to innovate
tax breaks & making decisions
profits & improving society
4
A market structure easy to enter in which a large number of firms all produce the same product
Productivity
Competition
Law of Supply
Perfect Competition
5
Business with a one owner who takes all the financial risks and reaps all the financial rewards
Partnership
Monopoly
Corporation
Sole Proprietorship
6
Price at which the amount supplied is equal to the amount demanded
Marginal Cost
Market Clearing Price
Medium of Exchange
Demand Price
7
a market structure in which many companies sell products that are similar but not identical
Complimentary Goods
Law of Supply
Perfect Competition
Monopolistic Competition
8
The Law of Demand states when price increase the quantity demanded will.....
Decrease
Remain the same
Increase
Law of Demand
9
Prices are incentives to consumers & producers. If the price of a product decreases, then ....
consumers will buy more & producers will make less
consumers will buy less and producers will make more.
consumers will buy more and producers will make more
consumers will buy less and producers will make less.
10
How are market prices set?
interactions between the government and producers.
by the government
interaction between sellers & producers
interaction between consumers & producers
11
In the circular flow, finished goods are exchanged between households & _____
Resource Market
Firms & Factories
Command Market
Product Market
12
In the circular flow, Productive resources (labor) is exchanged between the ___ & ____.
Product Market & Factor Market
Households & Factor Market
Product Market & Businesses
Businesses & Firms
13
Principle that more will be offered for sale at high prices than at lower prices
Law of Demand
Law of Supply
Determinants of Supply
FOP
14
Consumers buy more of a good when its price decreases and less when its price increases.
Law of Supply
Determinates of Demand
Allocate
Law of Demand
15
What is the result of a price ceiling?
a shortage
a surplus
nothing
lower demand
16
Opportunity cost is a direct result of
scarcity
a shortage
trade offs
a surplus
17
When the price of milk increases, what is the response of the consumer?
quantity demanded increases
quantity demand remains the same
quantity supplied decreases
quantity demanded decreases
18
Business owned by stockholders who share profits but are not personally responsible for debts
Entrepreneurship
Sole Proprietorship
Partnership
Corporation
19
An economy producing on the production possibilities curve is producing.......
with slow growth
without specialization
inefficiently
the maximum combination of goods and services
20
Situation in which quantity supplied is greater than quantity demanded
Number of Sellers
Surplus
Shortage
Determinants of Demand
21
Nike produces thousands of pairs of new shoes, but few consumers buy them. What will happen?
the price will increase
the price will decrease
the price will vary at different stores
the price will remain the same
22
Diagram of the economy,shows the flow of goods & services, FOP, & $ between households & firms
Production Possibilities Curve
Circular Flow
Money
Equilibrium
23
Business that is owned & operated by 2 or more people who share the work & the profits/losses
Monopoly
Partnership
Entrepreneurship
Sole Proprietorship
24
How do consumers benefit from competition?
lower prices
higher prices
fewer jobs
fewer products
25
Market dominated by a single seller that has the most control over it's products price.
Partnership
Monopoly
Gov't Regulation
Oligopoly
26
What is a characteristic of a corporation?
unlimited liability
limited longevity
no potential for growth
profits shared with stockholders
27
a market structure in which only a few sellers offer similar or identical products
Oligopoly
Monopoly
Partnership
Command Market
