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3-2 Supply and Demand Flashcards | StudBud

Explore/3-2 Supply and Demand

3-2 Supply and Demand

10 terms·StudBud Administration·242 plays

3-2 marketing

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Questions 10

Answers

1
What are economic resources?
consumers, businesses, government
Natural resources, capital, labor,
money, businesses, consumers
2
What is Microeconomics?
Relationship between individual consumers
Relationship between businesses and the stock market
Relationships between customers and producers
Microscope used to study economics
3
Competition thrives in a Capitalist market.
True
False
4
The basic problem economics identifies is..
Unemployment
Scarcity
High prices
Dictatorship
5
What is Macroeconomics?
Economic behaviors of a business
Economic behaviors of an entire city
Economics
Economic behaviors of an entire society
6
What is a supply curve?
shows how much a company supplies
shows what is supplied
upward sloping graph showing demand and price
upward sloping graph showing quantity and price
7
What is market price?
point where supply and demand are equal
profit businesses make
selling price
how much is paid for a product
8
What is the law of demand?
If the price of a product is increased more will be demanded
When consumers want products
If the price of a product is increased less will be demanded
9
In our Country, what economic system do we use?
Market economy
Free economy
Traditional economy
Command economy
10
What is the demand curve?
graph showing what consumers buy already
downward sloping graph showing demand for a business
downward sloping graph showing demand for a good/service