Economics Honors-Review Day 2

Which of these would shift the supply curve?

What is a benefit of a bond over a stock?

Increasing the price to be above the equilibrium price creates a

An example of a substitute good would be:

What is a stock?

If demand decreased today due to an expectation of of a lower price in the future, the demand curve would shift:

This law states that as price increases demand will decrease.

Decreasing the price to be below the equilibrium price would create a

What curve is depicted in the image?

A relatively large change in price that will cause a small to no change in the quantity supplied is referred to as:

An example of a public good would be:

What will cause the Quantity Demanded to increase or decrease? (movement on the curve)

What are the detriments of demand elasticity?

When supply decreases, which direction does the supply curve shift?

What curve does this image depict?

An example of a non-profit organization would be:

When there is relatively small change in demand that causes a large change in quantity demanded, demand would be:

What would cause a change in demand?

This refers to a cost that changes when the business rate of operation or output changes.

When supply increases, which direction will the supply curve shift?

This is a written promise to repay the amount borrowed. Typically sold to raise money for a corporation or government.

The point where supply intersects with demand is called:

An example of complementary goods would be:

If we see an increase in demand due to an increase in the # of consumers, what direction would the demand cure move?

When you are solely responsible for anything and everything that goes wrong with a business, you have:

When the government mandates a price floor on wages, it creates a

This is a business organization owned and operated by a single person.

This is a business owned by two or more people.

This refers to a cost that will occur no matter what the rate of operation is or even if output is zero.

These are goods that are typically bought together. Ex. Peanut Butter & Jelly

These goods are used in place of one another. Ex. Butter & Margarine

A good that would have relatively inelastic quantity supplied would be:

An example of a good that would have inelastic demand would be:

A __________ ___________ is set below the equilibrium price and causes a shortage to occur.

What is the role of the government in the United States?