Basic Law of Economics

The Demand curve has a ______________ slope

The B in BITER stands for

When price drops, people are willing to buy more of the good.  This is known as the

Our additional satisfaction tends to go down as we consume more and more product.  This is

A shortage creates _________ pressure on price in the market

Which variable goes on the y (VERTICAL) axis for the supply/demand curve?

Which of the following would be an item that would be a demand for a high school male?

When quantity demanded exceeds quantity supplied, a ________ occurs

The pleasure, usefulness or satisfaction an item gives us is called its _______

A product which can be used in place of another, often more expensive good, is a

In order to acquire capital, ____________

If the PRICE of peanut butter were to increase, what would happen to DEMAND for jelly?

When we decide to buy something, we have really made what decision?

As the price of a good decreases, what happens to the amount supplied?

Which of the following is considered an inelastic good?

A surplus creates ________ pressure on prices

When quantity supplied exceeds quantity demanded, a __________ occurs

Production is affected by which of the following?

As price increases, what will generally happen to quantity demanded?

Which of the following Universal Principles of Economics is INCORRECT?

Value in USE is ____________ and is defined by _________

A good that goes well with another good is called a

The point at which quantity supplied and quantity demanded are in perfect balance is known as

Which acronym is used to describe the 5 factors which can shift the demand curve?

The I in BITER stands for

Demand can best be defined by: