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Economics - Supply and Demand Flashcards | StudBud
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Economics - Supply and Demand
What are your limited means?
Define scarcity
Economics - Supply and Demand
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NCEA Level 1 Economics Supply and Demand Revision
Flashcards
19 cards
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Questions
19
Answers
1
Define scarcity
not enough resources
limited means
unlimited wants where resources are limited
2
What are your limited means?
Time, skills and money
Time and money.
Time, skills, money and family
Family and skills
3
Will an increase in costs of production increase or decrease the supply of a product?
Increase
Decrease
4
The change in quantity supplied of a product is caused by...
Environment
Technology
Change in price
Cost of production
5
Need: Necessities for you to function and live. True or False?
True
False
6
What does Ceteris Paribus mean?
All other things different.
Law of supply
Law of demand
All other things equal.
7
Give an example of environmental factor that causes a change in supply.
Earthquake
Flood
Sustainability measures
Disease
8
A factor that causes a change in supply is...
Legal
Cultural
Cost of production
Alternate use of resources
9
Define the law of supply
As price increases the quantity supplied increases.
As price decreases the quantity supplied increases
10
If there is a decrease in supply/quantity supplied, _____ resources will be needed.
Less
More
11
What causes a change in demand?
Income
Substitutes and complements
Tastes and preferences
Price
12
Example of an inferior good
Eye fillet steak
Home brand milk
2 minute noodles
Rice
13
Define the law of demand
Ceteris Paribus.
as price increases, the quantity demanded decreases.
As price decreases the quantity demanded decreases
As price increases the quantity demanded increases.
14
Values influence decisions/choices. True or False
True
False
15
Is a change in supply a movement or shift along the supply curve?
Shift
Movement
16
Will an increase in productivity cause a decrease in supply?
Yes
No
17
The goal/objective of most producers is...
Profit maximisation
Sales maximisation
Community service
Quality product
18
Opportunity cost: The next best alternative. True or False?
False
True
19
An increase in supply and quantity supplied will cause an/a ________ in profits of the firm?
Decrease
Increase
