Boom & Bust Review

You notice your motorbike has a flat tire. When you go to the mechanic to have it repaired you’re purchasing a

_____________ are the economic actors in the marketplace associated with demand.

Goods and/or services purchased from a desire are

Kylie Jenner posts Insta photos of her eating your cookies and tags your store. What happens to the price of cookies?

The equilibrium price for cookies is _______ and the equilibrium quantity is _______.

When the government of Vietnam places a minimum age on the purchases of alcohol products, they are enacting a(n)

________________ can be described as unlimited wants & needs conflicting with limited resources

_____________ are the economic actors in the marketplace associated with supply.

Korea, Japan and the US practice

Consumer items such as; shoes, computers and cars are examples of

The product market is best described as

The price where the quantity supplied meets the quantity demanded is the

COVID pandemic causes many Vietnamese to lose their jobs. Which graph represents the change in the market?

Iron, oil, rubber, and silica used in the production of automobiles are considered examples of

Which of the following does NOT reflect government involvement in the Circular Flow?

Meeting the needs of today without compromising the needs of the future could be referred to as

Individuals making decisions on how to best use the factors of production are considered

Things that are required to function in daily lives are called

City parks, roads and sewer systems are examples of

Which of the following is NOT one of the basic economic questions?

is the loss of a benefit that could have been enjoyed has a given choice not been made.

Vietnamese gov't places a tax on all sugar products. Which graph represents the change in the market?

The economic system where government owns the essential means of production but private ownership of other resources is

Scandanavia & W. Europe largely practice

To keep the price of a good or service low, the government may offer a(n) _____, which is money given by the gov't.

The economic philosopher seeking to change the concept of wealth from the accumulation of gold/land to goods is

Something motivating one to act is called a(n)

The _______ is when the price of a good or service increases, the quantity demanded by buyers decreases.

The situation where the QD is greater than the QS because the asking price is below the equilibrium price is

Two new cookie shops open on the same block. What happens to the price of cookies?

Private property, incentive, 'laissez faire', and the invisible hand are most associated with

The study of choices people make to satisfy their wants and needs is best defined as

The ___________ reflects a direct relationship between the price and quantity supplied.

The economic philosopher seeking to correct the ills of the Industrial Revolution was

Striving to achieve a classless society based on an equal distribution of wealth and resources is best represented by

New cookie flavor, chocolate lychee, is launched. Which graph represents the change in the market?

Human-made materials used to produce goods and services, such as tools, machinery or factory buildings, are called

The situation where the QS is greater than the QD because the asking price is below the equilibrium price is

Student grants, unemployment benefits, pensions, or welfare benefits are examples of

The resource market is best described as an exchange of