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Basic Economic Concepts Flashcards | StudBud
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Basic Economic Concepts
Basic Economic Concepts
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basic economics
Flashcards
8 cards
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Questions
8
Answers
1
A consumer’s desire and willingness to pay a price for a specific good or service
Demand
Surplus
Shortage
Supply
2
What do you call a person who starts a business?
entrepreneur
consumer
enterperner
aunterperner
3
When demand decreases and supply remains the same, there is a...
Shortage
Surplus
4
When demand increases and supply stays the same, there is a...
Surplus
Shortage
5
When there is too much supply, there is a...
Supply
Demand
Surplus
Shortage
6
If there is a low supply of ice cream bars and a high demand, then the price will be ___.
fair
low
high
7
The total amount of a specific good or service that is available to consumers
Demand
Surplus
Supply
Shortage
8
When there is not enough supply, it is called a...
Supply
Demand
Surplus
Shortage
