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Review of Supply
Review of Supply
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StudBud Administration
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A Simple Review of the Supply Half of the Economic Equation of Supply and Demand.
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
Economics is the study of choices we make on how to use our resources.
True
False
2
What is any economic choice called?
Opportunity Cost
Trade-Off
Choice
Decision
3
The point at which the demand curve and supply curve meet is called what?
Equilibrium Price
Mid Price
Breaking Point
Central Point
4
The biggest problem in economics is the what of resources?
Abbundance
Practicality
Impracticality
Scarcity
5
If the price is too high we end with a what of the item being sold?
Shortage
Penultimate
Equilibrium
Abuddance
6
The US is considered a Free-Enterprise OR Mixed Market System b/c Minimal Gov't Involvement.
False
True
7
The law of supply states that as prices rise the quantity sellers are willing to supply will?
Decrease
Increase
8
What is the economic system in which the gov't ctrl's answers to all 3 basic economic questions
Mixed Economic System
Pure Market Economic System
Command Economic System
Traditional Economic System
9
Comparing the value of your choice vs. what was not chosen is called what?
Cost Benefit
Equilibrium Price
Opportunity Cost
Trade-Off
10
The Law of Demand says that as the price rises the demand will do what?
Increase
Decrease
