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Brady The basics of economics Flashcards | StudBud

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True or false wants are things you need to survive?

On a graph what direction does the supply curve move?

Brady The basics of economics

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Answers

1
On a graph what direction does the supply curve move?
Up to the left
Down to the right
Up to the right
Down to the left
2
True or false wants are things you need to survive?
False
True
3
What is an example of a determinant of supply?
Change in income.
More people buying the product.
Change in resource price.
Change in buyers taste.
4
What is the law of demand?
The lower the price the more people want it.
As the price of a product increases the quantity demanded falls.
How much people want a product or service.
The higher the price the less people want it.
5
True or False. Mazlow's Hierarchy of Needs has 5 levels?
False
True
6
Shelter is part of what section of Mazlow's needs?
Physiological
Esteem
psychological
Social
7
On a graph what way does the demand curve move?
Down left
Up left
Up Right
Down right
8
WHat is the definition of Business?
The practice of making one's living by engaging in commerce.
A buisness is a place where people work to make a living.
A persons ocupation or trade.
A buisness is an eterprise that provides goods and services at a cost.
9
What is an example of determinants of demand?
Change in tax and subsidies.
Change in number of suppliers.
Change in buyers tastes.
Change in market.
10
What are the 5 levels of Mazlow's heirarchy of needs?
Esteem, Social, Saftey and Security, Physiological, Self-Actualization.
Security, People, esteem, Physiological.
Physiological, Self-Actualization, Social, Self Confidance.
Social, Esteem, Saftey and security, Self Entertainment, Physiological.