stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economics Flashcards | StudBud
Explore
/
Economics
Economics
34 terms
·
StudBud Administration
·
26,723 plays
7th grade geography economics review! #geography #economics #review #vocabulary
Flashcards
34 cards
F
Practice quiz
P
Host live
L
Questions
34
Answers
1
When there is a surplus of goods, what do suppliers do to rectify the situation?
Prices will decrease! Not enough demand for the product.
Keep prices the same! Demand will return.
Increase prices! They want to make more money.
2
The people that work to provide goods or services
labor
land
capital
all of the above
3
Natural resources, all things on Earth not created by humans.
capital
all of the above
land
labor
4
Another product in a market that fills the same need.
substitute
complimentary good
competition
Big Bird
5
The amount of a product or service that buyers are willing and able to buy at different prices
demand
supply
shortage
equilibrium
6
Unlimited human wants and needs, can't be met by the resources available.
never enough!
scarcity
surplus
shortage
7
The next best option is my....
second choice
opportunity cost
trade-off
8
When prices of a good increase producers want to sell __________ of a product.
the same amount
more
less
9
An economy decides...
none of the above.
how resources are allocated
who gets the resources
what resources are produced
10
An entrepreneur is a person who....
is overly ambitious with unlimited capital
takes a risk by starting a business
throws caution to the wind and drives over the speed limit!
partakes in risky business ventures
11
As prices go down the quantity demanded will go ___?
up
sideways
flat
down
12
The amount of goods produced or demanded.
quantity
amount
demand
supply
13
The point on the graph where the quantity supplied and quantity demand intersect.
market price
demand curve
supply curve
equilibrium point
14
When there isn't enough of something.
surplus
high demand
shortage
low supply
15
The law of demand is...
as P decreases QD increases
as P increases QD increases
as P increases QD decreases
as P decreases QD decreases
16
The amount of a product that producers are willing and able to offer at different prices
surplus
demand
market
supply
17
As prices go up, the quantity demanded will go___?
up
flat
down
sideways
18
Goods produced and used to create other goods
machinery
labor
land
capital
19
Type of economy that is based on competition
mixed
traditional
market
command
20
What are the three aspects of production?
capital, people, money
natural resources, products, consumers
land, people, money
land, labor, and capital
21
At any price above the _________ there will be a surplus.
equilibrium point
supply
demand
market price
22
Because scarcity exists, that means we have to make difficult choices. The choice given up is..
opportunity costs
trade-off
unfortunate
opportunity lost
23
If an improved technology is introduced, what happens to the quantity supplied?
price per unit increase
quantity demanded decreases
price per unit decreases
the quantity supplied increases
24
As prices decrease, the quantity supplied will go ___.
all around
down
up
sideways
25
An action that person provides for someone else
none of the above
service
goods
mail person
26
An object that a person can hold and wants to purchase
goods
pencil cases
services
product
27
When prices are high, suppliers are willing to supply ____________ of a product.
the same amount
more
less
28
When prices are ______ buyers will demand more of a product
the same
high
market price
low
29
Type of economy based on history and community
market
traditional
command
mixed
30
If a new product is introduced to the market, what happens to the existing quantity demanded?
the quantity demanded decreases
the quantity supplied decreases
the quantity supplied increases
the quantity demanded increases
31
As prices go up the quantity supplied will go ___?
down
sideways
up
flat
32
the law of supply is...
as P increases QS increases
as P decreases QS increases
as P decreases QS decreases
as P increases QS decreases
33
When there is a shortage or surplus, prices are forced back towards what point?
market point
my happy place
equilibrium point
market price
34
An extra amount of something
shortage
supply
surplus
demand
