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Economics vocabulary Flashcards | StudBud
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Economics vocabulary
Economics vocabulary
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Review of Economics vocab
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
What could cause the demand for new cars to go up?
New tax on cars
Research about the dangers of driving
Low gas prices
2
If everyone needs gas but there is not enough for everyone, there is
surplus
Production
scarcity
3
What is opportunity cost?
What is given up when a choice is made
the study of how people make decisions
How the government pays for goods and services
4
Why is competition good for consumers?
we have to pay higher prices
we don't have as many choices
we have more choices
5
Maria sells tacos from a truck. She sets the ______ by adding the cost of supplies to profit.
Profit
Price
Demand
6
Taslima got an A on her math test. Getting a good grade was her ____________ to study.
Incentive
Competition
Profit
7
There is only one place to buy burritos in Arlington. This means there is no _________.
Profit
Incentive
Competition
8
There is always a high ______ for iPad chargers in my class.
Demand
Supply
Surplus
9
Juan decides to go to the movies instead of studying for math. What is his opportunity cost?
seeing the movie
a good grade on math test
$10
10
What is consumption?
selling goods and services
Making goods and services
buying and using goods and services
11
When SUPPLY goes down, and DEMAND goes up, what happens to PRICE?
Price decreases.
Price stays the same.
Price increases.
12
How much consumers want a good is called
Supply
Demand
Surplus
13
Ryuto's _________ of pencils is low; he needs to buy more!
Supply
Demand
Surplus
14
Target is having a SALE on notebooks because they have a ___________ of them.
Surplus
Demand
Scarcity
15
When DEMAND is higher than SUPPLY
Resources
Scarcity
Surplus
16
If a new taco stand opens near Maria, the competition will make her ____ her price.
Raise (up)
Lower (down)
17
If price goes up
supply will go down
Demand will go down
Demand will go up
18
It costs Apple $275 to make an iPad. They cost $499. Apple's ______ is $224.
Profit
Incentive
Price
19
How much of something there is to sell is-
Supply
Scarcity
Demand
20
The money Chipotle has left over after paying for expenses is called
Profit
Price
wages
