ECON Unit 2 Review

A sum of money granted by the government or a public body to assist an industry or business

For most goods and services, increased price results in...

What do you need in order to have "supply" of a good or service?

Price x Quantity = ???

What could have cause this movement below:

How much is being DEMANDED at $4 ?

What type of movement is being represented on the graph:

Price Equilibrium is where the number of units supplied is equal to the number of units demanded.

What do you need in order to have "demand" for a product?

An increase in the price of milk causes a decrease in the demand for cereal. These two goods are...

A factor market is where...

The maximum price a good or service can be bought at is a...

A household is where...

What could have caused this movement below:

What do we call the price of the factors of production?

For most goods and services, increased price results in...

What has happened to Price Equilibrium?

What is the Price Equilibrium for this product?

Toothpicks are easy, cheap to produce, therefore firms can adjust easily to a price change. Toothpicks are said to be...

How much is being SUPPLIED at $2 ?

Minimum wage is an example of...

Which of the following is NOT part of the circular flow model?

The main goal of Anti-Trust Legislation is to...

Where does a SURPLUS always occur?

What is the movement on the graph indicating?

A firm is where...

When someone chooses Walmart brand hotdogs instead of Oscar Meyer, they are choosing a...

The Law of Supply states that suppliers will normally produce less at a higher price, and more at a lower price.

A product market is where...

If a price change has little to no effect on demand for a good, it is said to be...

Where does a SHORTAGE always occur?

The Law of Demand states that more of a product will be demanded at a lower price.