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Intro to Economics Flashcards | StudBud
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Intro to Economics
Intro to Economics
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207 plays
Economic Introduction
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
On a standard supply and demand curve, what two factors are shown on the x and y axes?
Commodity and Market
Land and Capital
Value and Allocation
Price and Quantity
2
Many companies now make good cheap Android phones. What is the effect on the supply curve?
It moves to the right
More producers wont change the supply curve
It moves to the left
3
When a company is no longer seen as cool by teens, which way does the demand curve shift?
It doesnt shift, the supply curve does
It shifts left
It shifts down
It shifts right
4
Clothes are rarely made in North America anymore because
The price to supply them is too high
There is no demand for clothes made in the USA
The price to supply them is too low
The price to buy them is too low
5
It is the essential economic relationship shown in following diagram
What is market value
What is the demand curve
What is the supply curve
What is a tax
6
According to the video, what factor does not move/shift the supply curve?
New technology
Taxes
Entry or Exit of Producers
Buyer's changing tastes
7
'Suppliers' are individuals who
Buy commodities
Produce commodities
Tax commodities
Study commodities
8
Is it economic relationship shown in the diagram below
Commodity price
Demand curve
Supply curve
Allocation curve
9
Economics is the study of
How money is invested and grown
Land, Labour and Capital
How wealth is created and moves
Making money
10
El nino lowers fish stocks. If demand for ceviche stay constant, what happens to the price?
The price will stay the same
The price will rise
The price will go down
The price will fall then quickly climb
