Economics Honors-Review Day 2

An example of complementary goods would be:

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

An example of a non-profit organization would be:

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

What curve does this image depict?

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

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

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

An example of a substitute good would be:

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

What curve is depicted in the image?

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

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

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

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

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

What is a stock?

An example of a public good would be:

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

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

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

What is a benefit of a bond over a stock?

The point where supply intersects with demand is called:

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

What are the detriments of demand elasticity?

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

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

Which of these would shift the supply curve?

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

This is a business owned by two or more people.

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

Increasing the price to be above the equilibrium price creates a

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

This law states that as price increases demand will decrease.

What would cause a change in demand?