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11 ECO Week 1 Revision and Intro to determinants Flashcards | StudBud
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11 ECO Week 1 Revision and Intro to determinants
11 ECO Week 1 Revision and Intro to determinants
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StudBud Administration
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Week 1 revision of Supply and Demand and an introduction to thinking about determinants.
Flashcards
17 cards
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Practice quiz
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Questions
17
Answers
1
The amount of a product or services consumers are willing to buy at different prices.
Demand
Supply
2
Cyclone Ian headed for North Qld, flashlight sales up!
Supply Curve
Demand Curve
3
All government employees get a 10% raise and cry let's go shopping!
Supply Curve
Demand Curve
4
1975 law required cars to run on unleaded fuel, production of lead cars stops.
Supply Curve
Demand Curve
5
The demand for nappies went up with record high new babies this past month.
Number of Sellers
Number of Consumers
Consumer Tastes
Substitutes
6
Batteries and flashlights are?
Change in technology
Complimentary Goods
Consumer Income
Substitute Goods
7
Who sets the price in a free market economy?
The Price Wizard
Buyer and Seller
The Government
The Tribal Leaders
8
We use the equilibrium to help us find the?
Market Price
Supply and Demand Curves
$60
Price Axis
9
Town grows by 45% over the last ten years, during that time three new supermarkets open.
Demand Curve
Supply Curve
10
New robots make cars faster and cheaper will shift the?
Supply Curve
Demand Curve
11
The amount of a product producers are willing to sell at different prices.
Demand
Supply
12
Government subsidises farmers to grow soy beans.
Supply Curve
Demand Curve
13
Change in consumer taste for products like this banana slicer?
Supply Curve
Demand Curve
14
Change in the price of factors of production?
Supply Curve
Demand Curve
15
Volkswagen stops making car trucks to focus on sedans.
Demand Curve
Supply Curve
16
Music labels stop making Cd's, Sony announces they no longer will make CD players.
Supply Curve
Demand Curve
17
When people reach for the Coke instead of Pepsi because of a sale.
Demand Curve
Supply Curve
