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Economics - the Basics (shortened)
Economics - the Basics (shortened)
15 terms
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StudBud Administration
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basic foundations of economics
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
soccer balls and shin guards are an example of
complements
services
substitutes
2
In a real world market
prices rise when a shortage happens
prices rise when a surplus occurs
Prices fall when a surplus occurs
both 1 and 3
3
As price decreases, the quantity supplied will
stay the same
increase
decrease
4
a price ceiling is usually set to assist the
consumer
producer
5
Giving up one alternative for another; something gained, something lost is example of:
capital
incentive
trade-off
opportunity cost
6
In economics, law of demand means
ability to buy a good
willingness and ability to buy a good
willingness and desire to buy a good
desire to buy a good
7
Economics is the study of
gain knowledge and skills from study and experience
choose from limited resources to meet their needs
respond to wars and drought and crisis
calculate taxes
8
shortages occur when
unemployment is high
people can't produce goods and services at current price
interest rates go up
US imports more than exports
9
Example of microeconomics would be
personal checking account
government spending
international trade
10
if the number of buyers in the market increases what do we know will happen?
demand will decrease
supply will increase
supply will decrease
demand will increase
11
If people who wanted to attend a concert were told tickets were sold out day before we have a
surplus
scarcity
shortage
12
what affects the quantity supplied?
weather
price
all of the above
resource prices
13
price floor is set where in relation to equilibrium?
above
below
14
what is NOT a factor in the law of demand
quotas
number of buyers in a market
future prices
income
15
What is opportunity cost?
factor of production
a trade off
value of next best alternative
