BJU Economics Ch 3&4

hamburgers or hotdogs represent goods that can be used in place of one another, or...

Developed the demand and supply model

Not finding satisfaction in possessions is a biblical truth found in the principle of diminishing marginal utility.

If you have a supplier with a surplus and you ask them what they want to do about it, what might they be likely to say?

For a demand curve, a rightward shift indicates an increase in demand.

Increased demand (consumption) usually comes first.

When a business firm produces a chart showing production at different prices, they have created a...

The marginal utility curve is the graphing of a set of data that supports ____________ principle?

If cost of production goes up to $1.00/unit but the price charged remains the same at $2.00, what will happen to supply?

Demand is up for a product because of good news, the producer raises the price and sells twice as much, what happened?

The act of buying...

What would cause a change in demand?

Lowering the price of the product is not a demand solution to a surplus.

Because of the improvements in technology, the price of cell phones and laptops have __________ , relative to income.

peanut butter and jelly are often purchased together and are...

price where consumer demand and producer supply meet

Human relationships can also suffer from diminishing marginal utility.

One constant throughout economics is...

A government price ceiling (forcing items to be sold below equilibrium) will cause a _________?

Transmitting information, providing incentives, and redistributing income are all functions of ...

Surplus' or shortages are most easily solved through more government intervention.

The lower the price, the less quantity will be supplied, and the higher the price, the greater quantity supplied.

When people receive less additional satisfaction from any good as they obtain more of during a period of time...

For a supply curve, a leftward shift indicates an increase in supply.

A company might not want to cut production because of a surplus for fear of losing market share to competitors.

What impact does the announcement of a sale have on demand?

The direction of movement for a demand curve for a normal good when income goes down...

The direction of movement for a demand curve for a normal good when income goes up...

A fad is characterized by what movement of it's demand curve?

The lower the price, the greater quantity will be demanded, and the higher the price, the lower quantity demanded.

In the long run, allowing the market to find equilibrium __________ the poor.

A government price floor (forcing items to be sold above equilibrium) will cause a _________?

If the price of milk is high because demand is increasing, how will farmers respond?

For a demand curve, a leftward shift indicates an increase in demand.

A record of satisfaction gained from repeated experience

For the founding fathers, the dangers of price controls were first learned during the Revolutionary war at...

The amount of product a company is willing to provide at various prices...

A change in income usually has the greatest impact on staple goods, like bread and milk.

Which of these would be considered counterproductive?

A business has a successful sale and sells twice the number of units it usually does. What happened?

The price of an item has not changed, but the supply has, how can this be true?

What is the demand solution to a shortage?