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Supply and Demand and Economic Systems Flashcards | StudBud
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Supply and Demand and Economic Systems
Supply and Demand and Economic Systems
33 terms
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StudBud Administration
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Supply and Demand vocab
Flashcards
33 cards
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Practice quiz
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Questions
33
Answers
1
If demand is down what is supply?
down
up
2
IF price and demand are down what is supply?
up
down
3
limited resources with unlimited wants
sparse
rare
Inadequate
scarcity
4
A house hold budget is an example of.....
increasing marginal returns
macro economics
diminishing marginal returns
micro economics
5
The cost of producing one more unit
fixed cost
variable cost
marginal revenue
marginal cost
6
If supply is up what is price
Up
Down
7
Decision making in large scale units
macro economics
micro economics
8
If Supply is up, what is demand and price?
Down
Up
9
Unlimited wants with limited resources
bankrupt
luxury
unlimited wants
scarcity
10
This is a willingness to buy a product at any price.
need
luxury
Demand
supply
11
Demand is up. What is price?
down
up
12
Government gives a business money
fixed cost
increase marginal return
subsidy
salary
13
If Demand and Price are up what is Supply?
Up
Down
14
Cost change with operation
Fixed Cost
Marginal Revenue
Variable cost
Marginal Cost
15
In this type of Economic system the tribe owns the means of production.
Capitalism
Command
Traditional
16
Amount of a product
provision
reserve
inventory
supply
17
Car gas prices go up. You don't have money to go out to dinner now. This is an example of....
marginal income
total cost
scarcity
income effect
18
In this economic system the empasis is on luxuary not need
Traditional
Capitalism
Command
19
Demand curve shifts to the right when
Demand decreases
Demand increases
20
This type of Economy bases decisions on what has always been done.
Command
Traditional
Capitalism
21
The negative result we are willing to accept
Net Cost
Trade Off
Opportunity Cost
22
In this economic system decision are based on what is selling.
Traditional
Command
Capitalism
23
A Price ceiling is
The highest price legally charged
The lowest price
The final price
24
The Equilibrum Price is...
When price and quainity equal
When demand and price equal
25
Price is down. What is demand?
up
down
26
If price is up what is demand?
down
up
27
In this economic system the means of production is owned privately
Traditional
Capitalism
Command
28
Demand curve shifts to the left when
Demand decreases
Demand increases
29
This is an example of fixed cost
price of personal stock
car gas bill
Rent
house gas bill
30
"A" Countries Trading is an example of.....
microeconomics
macro economics
31
This type of economic system has the government own the means of production.
Command
Capitalism
Traditional
32
The act of making one choice over another
Trade off
Exchange
prioritize
swap out
33
In this economic system there is an emphasis on need not luxuary
Command
Traditional
Capitalism
