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Supply & Demand Flashcards | StudBud
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Supply & Demand
Supply & Demand
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Supply & Demand Test Review
Flashcards
27 cards
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Practice quiz
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Questions
27
Answers
1
Applying scientific methods and discoveries to the production process
Technology
Number of Producers
Input Costs
Labor Productivity
2
When an increase in demand for one product causes an increase in demand for another product
Input Costs
Complementary Goods
Substitute Goods
Consumer Tastes
3
An example of a price floor is...
A Subsidy
Minimum Wage
A Tax Break
Rent Control
4
When other producers join (or leave) the market due to a desire for profit or competition
Input Costs
Market Size
Labor Productivty
Number of Producers
5
The amount of goods or services that a person can produce in a given time
Input costs
Producer expectations
Consumer Expectations
Labor productivity
6
Which image represents a demand curve?
option 3
option 2
option 4
option 1
7
Example: When someone buys a slice of pizza instead of a burger because the pizza is cheaper
Complements
Frugality
Alternatives
Substitutes
8
A shortage occurs
When demand is greater than supply
When supply and demand are equal
When supply and demand shifts occur
When supply is greater than demand
9
This is where supply and demand meet on a graph
Equilibrium Price
Equal Place
Equilibrium Point
Equilateral Place
10
A surplus occurs
When supply is greater than demand
When supply and demand are equal
When supply and demand shifts occur
When demand is greater than supply
11
When a company changes their supply if they expect the price to change in the future
Producer Expectations
Consumer Expectations
Market Size
Number of Producers
12
This is government support or money to encourage an economic activity (and increase supply)
Tariffs
Subsidies
Excise Taxes
Tax Return
13
What is supply?
The desire for a good and the ability to buy it
The desire for a good and the desire to buy it
The desire to provide a good or a service
The desire to provide a good and the ability to sell it
14
According to the law of supply...
As price increases, demand increases
As price increases, supply increases
As price increases, supply decreases
As price increases, demand decreases
15
Which image represents a supply curve?
option 4
option 1
option 2
option 3
16
When demand changes as the number of consumers increases or decreases
Labor Productivity
Number of Producers
Complementary Goods
Market Size
17
A set maximum amount a producer can charge for a good or service
Price Ceiling
Price Floor
Price Basement
Price Cap
18
When a person’s ability to buy goods and services changes with their purchasing power
Input Costs
Substitute Goods
Income
Complementary Goods
19
When demand is affected by a good or service’s popularity
Number of Producers
Consumer Expectations
Market Size
Consumer Tastes
20
This is intended to discourage consumption of specific goods (and decrease supply)
Excise Taxes
Subsidies
Sales Taxes
Tax Returns
21
A set minimum amount a producer can charge for a good or service
Price Cap
Price Basement
Price Ceiling
Price Floor
22
What is demand?
The desire to provide a good or a service
The desire to provide a good and the ability to sell it
The desire for a good and the desire to buy it
The desire for a good and the ability to buy it
23
People choosing a cheaper interchangeable good or service over a more expensive option
Consumer Expectations
Substitute Goods
Technology
Complementary Goods
24
When demand is affected by the belief that a price of a good or service will change
Consumer Tastes
Market Size
Consumer Expectations
Producer Expectations
25
When the government regulates (sets up rules) designed to control business behavior
Market Size
Labor Productivity
Number of Producers
Government Action
26
According to the law of demand...
As price increases, demand decreases
As price increases, supply increases
As price increases, supply decreases
As price increases, demand increases
27
When the price of the resources used to make the products affects supply
Input Costs
Labor Productivty
Number of Producers
Market Size
