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Economics CH 4 Producers and Supply Flashcards | StudBud
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Economics CH 4 Producers and Supply
Economics CH 4 Producers and Supply
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Globe Fearon Publishing Company #law of supply #producers supply #supply
Flashcards
32 cards
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Questions
32
Answers
1
The law of supply can easily be seen on a supply curve.
What did she say?
False
True
2
A producer/business charges higher prices and produces more to cover costs of production.
False
True
3
Another word for producers is __.
demand
makers
businesses
users
4
Profit is one of a business's costs of production.
True
Maybe
False
5
The __ says that producers are willing and able to supply more of good/service as prices go up
law of supply
law of demand
economists law of systems
law of the land
6
The higher the price a business can charge for a good/service, the more of the product it is willing to supply.
True
False
Maybe
7
Production __ affect supply.
qualities
assembly lines
costs
timelines
8
When an increase in SUPPLY occurs, the supply curve shifts to the __.
right
left
center
furthest point off center
9
__ costs affect supply!
Production
Opportunity
Profit
Options
10
According to the law of supply, if a product is selling well then it will push makers to create more supply.
true
false
Maybe
I'm tired of Econ class!
11
Producers = __
Mixed Economy
Supply
Demand
Profit
12
The AMOUNT of a good/service that producers are willing to produce is __.
supply
market system
curves
demand
13
Supply refer to __ and demand refers to __.
consumers; producers
producers; companies
producers; consumers
14
The cost of chocolate chips suddenly raises. How will that change in price affect the producer's willingness to supply?
Supply will not change at all because chocolate chip cookies are yummy!
Supply will increase.
Supply will decrease.
Consumers will demand more supply.
15
The price of choc. chips used in Keebler cookies goes up. How does that affect supply?
supply will stay the same
supply will increase
supply may decrease
16
Supply can be affected by the cost of production, tech and opportunity costs.
False
True
17
Entrepreneurs or producers start businesses to ?
share the burden of production with the government
make a profit
give goods/services away freely
make low cost goods/services available for all
18
When understanding the idea of SUPPLY and LAW of SUPPLY, a person should think like __.
a producer or business owner
a consumer or buyer of goods/services
an economist
the government
19
When a DECREASE in supply occurs, the supply curve shifts to the left.
False
True
20
__ affects supply!
Command Economies
technology
trade agreements
BBQ ribs
21
Why might a producer/maker be willing to supply more of a good/service at higher prices?
who cares as long as Ms. King gets her supply of M & Ms!
This is the dumbest question I have ever seen
they will gain a larger profit as prices rise
they won't change the supply no matter what
22
An "opportunity cost" is __
whatever is given up when a choice is made
What it cost you to have that opportunity.
the choice you made
23
Computers are a good example of technology that can increase productivity and supply.
True
Maybe
False
24
People responsible for directing and managing a business are called __.
executives & CEOs
treasurers, clerks, HR
secretaries, laborers & employees
25
__ are things that encourage people to work harder or to produce more.
Incentives
Independent manufacturers
Insurance costs
26
If a company or producer sells a good/service for $1000...then the profit is $1000.
I can't remember exactly what she said.
No, they still have to pay costs of production
Give me mo $!
Yes, they keep it all!
27
Costs such as natural resources, capital, and labor are called __.
cost of production
costs of economy
incentives
28
What would be the costs of production for a cookie company like Keebler?
mixers, tires, farmers, mufflers
mufflers, electricity, flour, bakers
bakers, cookie ovens, choc chips, spark plugs and gasoline
ovens, water, eggs & butter, packagers
29
What changes the quantity supplied by a company?
when consumers demand so much that producers give up supply and production
fear of losing profits, many companies producing product, related goods
substitute goods in the market place
30
Lower prices are an incentive for producers to produce more goods and services.
False
Seriously, Ms. King?
True
31
Suppose there is a new invention in oven technology. Cookies bake quicker. How is supply affected?
Supply will stay the same.
Supply will increase
Supply will decrease.
32
A line on a graph that represents the amount of good/service supplied by producers/makers
supply curve
supply side economy graph
demand curve
technology curve
