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Economics Basics Flashcards | StudBud

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Economics Basics

10 terms·StudBud Administration·22 plays

Economics based quiz

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Questions 10

Answers

1
What are Complements?
Goods that are consumed together
Similar Goods to each other
Goods not consumed together
Services that are consumed together
2
When graphing demand what variable goes on x axis?
Price
Quantity
Demand
Mr.Henry
3
What is an Inferior Good?
an increase in income leads to an increase in demand
A change in income leads to no change in demand
Increase in income leads to a decrease in demand
4
What is demand?
Amount of satisfaction or usefulness gained
a good for which an increased in income leads to an increase
Number of units purchased at certain Price
Willingness and Ability to Buy
5
What is Private Property?
Willingness and Ability to Buy
Good that is owned by an individual or business
Good owned by the government
Not This one
6
Is there a difference between Demand and Quantity Demanded?
Nope
Yes
7
What is a substitute?
Similar Goods to each other
services similar to each other
Willingness and Ability to buy
goods that are consumed together
8
What are two pillars of Free Enterprise
Specialization,Competition
Scarcity,Change
Demand,Quantity Demanded
Price System,Voluntary Exchange
9
What is Quantity Demanded?
any place where people come together to buy and sell
If You pick this one You're dumb
Number of units of a good purchased at specific price
Willingness and Ability of buyers
10
When graphing demand what variable goes on Y axis?
Substitutes
Complements
Price
Quantity