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Supply and Demand and Economic Systems Flashcards | StudBud
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Supply and Demand and Economic Systems
Supply and Demand and Economic Systems
33 terms
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StudBud Administration
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Supply and Demand vocab
Flashcards
33 cards
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Practice quiz
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Questions
33
Answers
1
The act of making one choice over another
swap out
Trade off
Exchange
prioritize
2
The negative result we are willing to accept
Trade Off
Opportunity Cost
Net Cost
3
In this economic system the means of production is owned privately
Capitalism
Traditional
Command
4
Decision making in large scale units
micro economics
macro economics
5
Cost change with operation
Marginal Revenue
Variable cost
Fixed Cost
Marginal Cost
6
Demand is up. What is price?
up
down
7
limited resources with unlimited wants
Inadequate
sparse
scarcity
rare
8
Demand curve shifts to the right when
Demand increases
Demand decreases
9
IF price and demand are down what is supply?
up
down
10
In this economic system the empasis is on luxuary not need
Capitalism
Command
Traditional
11
In this type of Economic system the tribe owns the means of production.
Traditional
Capitalism
Command
12
This is an example of fixed cost
house gas bill
car gas bill
price of personal stock
Rent
13
A Price ceiling is
The lowest price
The final price
The highest price legally charged
14
If price is up what is demand?
down
up
15
"A" Countries Trading is an example of.....
macro economics
microeconomics
16
Amount of a product
provision
reserve
inventory
supply
17
A house hold budget is an example of.....
macro economics
diminishing marginal returns
micro economics
increasing marginal returns
18
Demand curve shifts to the left when
Demand decreases
Demand increases
19
This type of Economy bases decisions on what has always been done.
Traditional
Capitalism
Command
20
This is a willingness to buy a product at any price.
need
supply
luxury
Demand
21
If supply is up what is price
Down
Up
22
This type of economic system has the government own the means of production.
Capitalism
Traditional
Command
23
Government gives a business money
increase marginal return
subsidy
salary
fixed cost
24
If demand is down what is supply?
down
up
25
If Demand and Price are up what is Supply?
Down
Up
26
In this economic system decision are based on what is selling.
Capitalism
Traditional
Command
27
Unlimited wants with limited resources
luxury
unlimited wants
scarcity
bankrupt
28
Price is down. What is demand?
up
down
29
The cost of producing one more unit
marginal revenue
fixed cost
variable cost
marginal cost
30
Car gas prices go up. You don't have money to go out to dinner now. This is an example of....
scarcity
marginal income
total cost
income effect
31
If Supply is up, what is demand and price?
Up
Down
32
In this economic system there is an emphasis on need not luxuary
Traditional
Command
Capitalism
33
The Equilibrum Price is...
When price and quainity equal
When demand and price equal
