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Midlo Middle Economics Supply & Demand, Price, Consumer Protection Flashcards | StudBud
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Midlo Middle Economics Supply & Demand, Price, Consumer Protection
Midlo Middle Economics Supply & Demand, Price, Consumer Protection
50 terms
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StudBud Administration
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#civics, #supply, demand, protecting consumers
Flashcards
50 cards
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Questions
50
Answers
1
Why does a surplus cause the prices to decrease? (2 answers)
not enough product for all buyers that want to purchase it
buyers are NOT willing pay the price
too much product is left
scarcity of product (product hard to find)
2
When prices go down then demand goes up, when prices go up them demand goes down-
Law of the Jungle
Law of Supply (SAME)
Law of economics
Law of Demand (DIFFERENT)
3
Rivalry between sellers usually result in better quality and lower prices for consumers
consumer sovereignty
Competition
private property
profit motive
4
The amount of money expected, required, or given in payment for something
profit
supply
demand
price
5
This graph that goes up is showing ______
deceleration
flat sales
demand curve
supply curve
6
What branch of govt establishes guidelines to protect health and safety?
Legislative Branch
Judicial Branch
Executive branch agencies
Olive Branch
7
Why does a shortage cause prices to increase? (2 answers)
too much product is flooding the market
buyer is not willing to pay more because many are available
buyer is willing to pay more to purchase from few available
not enough of product to supply the demand
8
When you think about the law of demand should you be thinking as a buyer or seller?
buyer
seller
government
tourist
9
The money spent to PRODUCE (make) an item
price
revenue
profit
expenses
10
Which type of tax is the largest source of revenue for the US Govt?
Social Security Tax
Property Tax
Sales Tax
Income Tax
11
A SUPPLY curve goes up as the price goes ___
D- up and down
A- down
B- up
C- a plataeu
12
What DOESN'T happen when the govt. increases taxes, its borrowing, and its spending
people have less $ to spend
public programs are cut
more jobs are created, and taxes increase
less $ is available to borrow
13
What govt. agency prevents monopolies, fraud, and unfair business practices
FDA (Food & Drug Administration)
CPSC (Consumer Product Safety Commission)
FCC (Federal Communication Commission)
FTC (Federal Trade Commission)
14
A table that lists the number of items supplied at various prices
demand schedule
supply schedule
train schedule
shortage schedule
15
When you think about SUPPLY, should you be thinking as a buyer or seller?
seller
buyer
16
What type of tax is paid on the value of your home and your car?
Sin Tax
Income Tax
Excise Tax
Property Tax
17
If an item becomes popular, or goes on sale, or you have $ to spend, what happens to demand?
it goes up
it remains unchanged
it fluctuates (goes up and down)
it goes down
18
By what are the law of supply and demand driven?
price
government
law of demand
monopolies
19
The amount a person is willing and able to buy is called...
demand
price
supply
profit
20
Individuals, businesses and the govt. have the right to own property & factors of production
Private Property
competition
free enterprise
consumer sovereignty
21
Costs ↑ to make, workers go on strike, item is on sale, machine breaks- These factors __ SUPPLY
increase supply
decrease supply
22
What amendment allows the govt to collect income taxes?
16th
12th
21st
14th
23
What does a DEMAND Curve look like?
it goes up and down (D)
it goes down (A)
it is a plateau (C)
it goes up (B)
24
Consumers determine what will be produced through what goods and services they purchase.
free enterprise
equalibrium price
profit motive
Consumer Sovereignty
25
The revenue left over after subtracting expenses
expense
price
revenue
profit
26
Markets are allowed to operate without undue influence from the govt.
command economy
free enterprise
private property
competition
27
What branch of govt PASSES LAWS to protect consumers?
Executive Branch
Legislative Branch
Government agencies
Judicial Branch
28
What govt. agency protects consumer health in food, medicine, and cosmetics?
FTC (Federal Trade Commission)
FCC (Federal Communication Commission)
FDA (Food & Drug Administration)
CPSC (Consumer Product Safety Commission)
29
People sell goods and services to EARN A PROFIT
consumer sovereignty
free enterprise
Profit Motive
consumers
30
Shortages indicate that the item is (too much or not enough) supply of an item to meet demand
not enough
too much
31
Surplus items indicate that there is (too much or not enough) of an item & not enough demand
too much
not enough
32
What govt. regulatory agency deals with problems of nudity and cursing in media?
FDA (Food & Drug Administration)
FTC (Federal Trade Commission)
EPA (Environmental Protection Agency)
FCC (Federal Communication Commission)
33
If the price of an item goes up or you don't have $ to spend, what happens to the demand?
it goes up
it remains unchanged
it goes down
it fluctuates (goes up and down)
34
The amount of goods and services available for sale
economics
demand
supply
economy
35
The money you get from selling an item
price
expenses
profit
revenue
36
Price at which there is NO tendency for it to change because supply equals demand
at cost price
full price
equalibrium price
sale price
37
All of the following are ways our government maintains competition in our economy EXCEPT-
global trade
monopolies
incentives to business start-ups like tax breaks
antitrust laws
38
As price goes down, quantity supply goes down, As price goes up, quantity supply also goes up.
Law of Demand (DIFFERENT)
Law of Supply (SAME)
39
What kind of tax do you pay when you get something from someone that dies?
Inheritance & Estate Tax
Property Tax
Sales Tax
Excise Tax
40
Which of the following is NOT a way that the government brings in money?
fees like road tolls & new construction fees
donations from foreign countries
fines like speeding tickets
taxes like income tax and sales tax
41
What tax is taken from $ you earn to help pay retirees, disabled, and Medicare and Medicaid?
Sales Tax
Income Tax
Excise Tax
Social Security Tax
42
What govt. agency regulates the environment like pollution?
FDA (Food & Drug Administration)
FCC (Federal Communication Commission)
CPSC (Consumer Product Safety Commission)
EPA (Environmental Protection Agency)
43
Term for when the govt collects money, spends & borrows money that impacts US citizens
Fiscal Policy
US Annual Budget
Revenue
US Economy
44
Price of item goes up or a buyer loses his job & has no money- These factors make DEMAND _____.
decrease
remain the same
fluctuate (go up and down)
increase
45
What govt. agency protects the public in all products EXCEPT food, medicine, and cosmetics?
FDA (Food & Drug Administration)
FCC (Federal Communication Commission)
EPA (Environmental Protection Agency)
CPSC (Consumer Product Safety Commission)
46
Price goes ↑, price of resources used to make item goes ↓ These factors are ways to ___ SUPPLY?
decrease supply
increase supply
47
2 types of taxes that people pay on luxury items & on things the govt doesn't want you to buy.
Excise & Sin Taxes
Income & Property Taxes
Inheritance & Estate Taxes
Sales & Social Security Taxes
48
PRICE is created by . . .
government
tradition
interaction between buyers and sellers
competition between sellers
49
What type of tax do people pay when they buy something?
Sales Tax
Social Security Tax
Excise Tax
Sin Tax
50
All of the following are rights consumers have EXCEPT-
right to take legal action if rights are violated
right to own property protected by contracts (receipts)
right to shop at stores of their choice
right to receive merchandise without cost if needed
