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Supply, Demand and The Economy as a Whole Flashcards | StudBud
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Supply, Demand and The Economy as a Whole
Supply, Demand and The Economy as a Whole
20 terms
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StudBud Administration
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Combining the basics of supply and demand with understanding the sectors in a market economy.
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
The desire, ability and willingness to buy a product:
Wants
Needs
Demand
Supply
2
A change in price causes a change in:
Technology
Quantity supplied
No change
Supply
3
____________ provides public goods and services to households.
Businesses
The Factor Market
Banks and Financial Institutions
The Government
4
An alternative that must be given up when one choice is made rather then another.
Compliment
Trade off
Plan A
Substitute
5
The _____________states that people will continue to buy a product if the price rises so long as they make enough money.
Supply Effect
Income Effect
Substitution Effect
Complimentary Effect
6
A market where productive resources are bought and sold:
Product Market
Farmer's Market
Buyers Market
Factor Market
7
According to the Law of Demand, if the price of a good increases, then:
Quantity of supply will increase
Supply will decrease
Demand will stay the same
Demand will decrease
8
What do households supply to banks?
Their money
A high interest rate
Loans
Financial advice
9
Peanut butter and jelly are:
Compliments
Substitutes
Competing Goods
Friends
10
When a new business that sells the same or similar product comes to town, the supply of the product:
Goes up
Goes Down
Becomes more expensive
Stays the Same
11
Competing products that can be used in place of one another
Substitutes
Personal Choice
Compliments
Opportunity Cost
12
Costs of production that does not change when output changes.
COGS
Variable cost
Fixed cost
I don't know
13
An economy in which supply, demand, and pricing help people make decisions and use resources:
Command Economy
Socialist Economy
Market Economy
Traditional Economy
14
Banks exchange foreign currency as a service.
False
True
15
A small change in price creates a large change in demand.
Trade off
Inelastic
A sale
Elastic
16
If the price of sleds increases
Price does not change demand, so no change
The demand for snow suits is not affected
The demand for snow suits increases
The demand for snow suits decreases
17
Which is NOT one of the four main sectors in a Market Economy?
Banks
Schools
Households
Businesses
18
After a heavy snowfall, demand for snow shovels
Depends on the price
Does not change
Increase
Decrease
19
Which sector in a market economy gives their savings to banks?
Households
Credit Unions
The Government
Businesses
20
You chose to buy shoes instead of a video game with your money. What was your opportunity cost?
To save the money
How much it would have cost when the shoes went on sale
The video game
The cost of the shoes
