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Economic Basics and Supply & Demand Flashcards | StudBud
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Economic Basics and Supply & Demand
Capitalism
Butter and Margarine
Economic Basics and Supply & Demand
26 terms
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#Economic Basics and Supply & Demand
Flashcards
26 cards
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Questions
26
Answers
1
Butter and Margarine
Substitute Items
Complementary Items
2
Capitalism
Gov't controls you. All taxes. Nothing private. Share all
Survival of the fittest. No guarantees. Low taxes.
Gov't will help you. Medium to high taxes. Some safety.
3
Oxygen
Need
Want
4
What is this?
Shortage
Surplus
5
What is this?
Change in Demand
Change in Supply
6
What is this?
Demand Schedule
Supply Schedule
7
The workers
Labor
Entrepreneurship
Capital
Land
8
Communism
Gov't controls you. All taxes. Nothing private. Share all
Survival of the fittest. No guarantees. Low taxes.
Gov't will help you. Medium to high taxes. Some safety.
9
Hiring someone to fix your car.
Good
Service
10
What is this?
Supply Graph
Demand Graph
11
Milk and Oreos
Substitute Items
Complementary Items
12
Surplus
The right amount of something.
Too little of something
Too much of something
13
The person who organizes everything and takes risk.
Entrepreneurship
Labor
Land
Capital
14
Equilibrium Amount
Too little of something
The right amount of something.
Too much of something
15
A car
Good
Service
16
How does the economy fix a shortage?
Prices goes down
Price goes up
17
Socialism
Gov't controls you. All taxes. Nothing private. Share all
Survival of the fittest. No guarantees. Low taxes.
Gov't will help you. Medium to high taxes. Some safety.
18
The tools and equipment need to produce something.
Land
Entrepreneurship
Labor
Capital
19
Shortage
Too little of something
Too much of something
The right amount of something.
20
A Mansion with a five car garage
Need
Want
21
Automobile Insurance
Service
Good
22
Peanut Butter and Jelly
Substitute Items
Complementary Items
23
What is the Law of Demand?
Price Goes Down; Quantity Goes Down
Price Goes Up; Quantity Goes Down
Price Goes Down; Quantity Goes Up
Price Goes Up; Quantity Goes Up
24
Milk
Good
Service
25
Natural Resources
Capital
Land
Labor
Entrepreneurship
26
How does the economy fix a surplus?
Prices goes down
Price goes up
