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U7 Intro to Economics Flashcards | StudBud
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U7 Intro to Economics
U7 Intro to Economics
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Basic economic terms used to learn supply and demand.
Flashcards
17 cards
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Practice quiz
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Questions
17
Answers
1
The sum of all the wants in a market is what?
Revenue
Market Demand
The Law of Demand
Complete want
2
When price increases the want for that good decreases. This is what?
The Law of Supply
Market Supply
The Law of Demand
Market Demand
3
At what price is this item at its equilibrium price?
$80
$100
$40
$60
4
Which of these can shift the demand curve?
Resource Costs
Income
Number of Sellers
Technology
5
What is a complementary good?
A good that replaces a good.
A good that is used to impress someone.
A good that goes with another good.
A good that makes up a part of a whole good.
6
______________: “The cost of the next-best use of time and money when choosing to do one thing or another”
Cost-Benefit analysis
Marginal benefit
Opportunity cost
Trade off
7
Who/What makes the economic decisions in a Command Economy?
Businesses
Supply & Demand
Government
People
8
Payment made to a producer to continue to operate is what?
Tariff
Revenue
Subsidies
Excise Tax
9
Who/What makes most economic choices in a Market Economy?
President
Community
Government
Businesses
10
When price increases the amount of goods produced increases. This is what?
The Law of Demand
Market Supply
The Law of Supply
Market Demand
11
What is a substitue good?
A good that makes up part of a good.
A good that replaces a different good.
A good that goes with another good.
A good that is used to impress someone.
12
Which of these can shift the supply curve?
Technology
Supplementary Goods
Tastes of customers
Related goods
13
If one cheeseburger is $6 and two are $10, what is the marginal cost of the 2nd burger?
$4
$10
$16
$6
14
Jane is willing to babysit 28 hours a month if she is paid how much?
$6.00
$5.00
$7.00
$4.00
15
Having too many wants and not enough resources creates _______________
Scarcity
Supply
Shortage
Surplus
16
This shows a:
Decrease in Demand
Increase in Demand
Increase in Supply
Decrease in Supply
17
This shows a:
Supply Curve
Demand Curve
