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2017-2018 Economics Unit 2 Vocabulary Microeconomics Flashcards | StudBud
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2017-2018 Economics Unit 2 Vocabulary Microeconomics
2017-2018 Economics Unit 2 Vocabulary Microeconomics
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An #economics #quiz to review #microeconomics vocabulary
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
A physical item that has an increase in demand when the price of another item decreases.
demand elasticity
Law of Demand
substitute product
complementary product
2
A product that can be used to satisfy a want or need
market
demand
money
goods
3
Determined by the interaction of the supply and demand curves on a graph.
equilibrium price
demand elasticity
complementary price
factor market
4
Market structure with many producers, selling differentiated products. Use advertising.
Oligopoly
Sole Proprietorship
Monopolistic Competition
Partnership
5
The part of the economy where labor and resources are sold
product market
factor market
market structure
corporation
6
This describes the state of a market with respect to competition.
Product Market
Market structure
Factor Market
Equilibrium Market
7
Where buyers and sellers learn information from 1 another and exchange goods, services, & money
Competition
Households
Market
Corporation
8
The section of the economy made up of individuals and/or families. One of the main actors.
firm
business
government
household
9
When the demand of a product is weakly responsive to price changes.
competition
inelastic
market
elastic
10
The legally accepted payment for goods and services
Money
Supply
Barter
Demand
11
This is when the demand for a product is highly responsive to changes in price.
market
inelastic
elastic
equilibrium
12
Rule stating that more of a product will be consumed at a lower price & less at a higher price
Law of Demand
Law of Competition
Law of Equilibrium
Law of Supply
13
the person or persons who purchase a good or service
buyer
producer
corporation
market
14
The amount of a good or service that consumers are willing & able to buy at a given price.
market
supply
demand
goods
15
A two sector economic model showing how firms/businesses and consumers/households, interact.
demand curve
equilibrium price
supply curve
circular flow diagram
16
States that more of a product will be produced when the price is high & less when price is low
Law of Demand
Law of Elasticity
Law of Supply
Law of Equilibrium
17
The relationship btwn changes in the demand quantity of a good & the changes in its price.
demand elasticity
Law of Demand
Law of Supply
equilibrium price
18
Graph that shows relationship btwn the price of good & quantity buyers are willing to purchase.
equilibrium price
produce market
supply curve
demand curve
19
A rivalry that may refer to rivalry among firms, individuals, or the race to control resources
corporation
market
competition
demand
20
Type of business organization that is recognized as a legal entity & can sell stock
factor market
household
corporation
market structure
