Economics Unit 2 Review- Economic and Supply/Demand Basics

The money a business has left over after it covers its costs. (#20)

When prices rise, what could be a reason for that happening? (#24)

What is the main incentive for producers? (#7)

An economic concept that discusses how much or few of a good/service there is (#4)

Which of the following is NOT a factor in causing the demand curve to shift? (#16)

On a supply and demand graph, quantity is listed on the (#12)

On a supply and demand graph, cost is listed on the (#12)

Which way does a supply curve slope on a supply-demand graph? (#18)

Physical objects that can be purchased (#8)

Goods/services that are necessary for survival (#3)

Consumers are willing to buy less of a product at a high price and more at a low price. (#14)

When two variables are linked or connected in some form or fashion (#10)

The value of the next best use of a resource that is given up (#5)

What happens to prices when there is a surplus? (#23)

The price point at which there is neither a surplus or a shortage (#26)