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ECONOMICS MIDTERM REVIEW Flashcards | StudBud
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ECONOMICS MIDTERM REVIEW
CREATED BY UNLIMITED WANTS AND NEEDS AND LIMITED RESOURCES
WHEN QD=QS THE MARKET IS AT
ECONOMICS MIDTERM REVIEW
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1
WHEN QD=QS THE MARKET IS AT
EQUILIBRIUM
PRICE
COMPLETION
HAPPINESS
2
CREATED BY UNLIMITED WANTS AND NEEDS AND LIMITED RESOURCES
EQUILIBRIUM
SCARCITY
DEMAND
PRICE
3
IF PRICE GOES UP QUANTITY DEMANDED GOES
CRAZY
UP
STAYS THE SAME
DOWN
4
HIGH PRICES SIGNAL
MORE BUYING LESS PRODUCING
LESS BUYING MORE PRODUCING
LESS BUYING LESS PRODUCING
MORE BUYING MORE PRODUCING
5
EXTRA SATISFACTION
MARGINAL UTILITY
DIMINISHING MARGINAL UTILITY
WEALTH
VALUE
6
THERE ARE ____ FACTORS OF SUPPLY
7
3
4
6
7
AN ECONOMY AT THE PPF HAS ___RESOURCES
FULLY EMPLOYED
RUINED
GOOD
IDLE
8
THERE ARE ______ FACTORS OF PRODUCTION
2
6
4
3
9
WAY TO SET UP ECONOMIC LIFE TO DEAL WITH SCARCITY AND THE 3 ECONOMIC QUESTIONS
MICROECONOMICS
ECONOMIC SYSTEM
DEMAND
SUPPLY
10
IF I CAN WAIT TO BUY SOMETHING IT HAS_____DEMAND
ELASTIC
NO
INELASTIC
UNIT ELASTIC
11
MAXIMUM PRICE THAT CAN BE CHARGED FOR A PRODUCT
EXPENSE
COST
PRICE FLOOR
PRICE CEILING
12
BACON AND EGGS ARE
FACTORS OF DEMAND
FACTORS OF SUPPLY
SUBSTITUTES
COMPLEMENTS
13
THE ASSEMBLY LINE BEST REPRESENTS
UTILITY
SPECIALIZATION
DIVISION OF LABOR
CARS
14
MINIMUM WAGE IS A
PRICE CEILING
PRICE FLOOR
15
DOLLAR VALUE OF GOODS AND SERVICES
VALUE
WORTH
PRICE
UTILITY
16
WHEN QS IS GREATER THAN QD
SHORTAGE
EQUILIBRIUM
PRICE
SURPLUS
17
WHAT IS GIVEN UP WHEN A CHOICE IS MADE
COST
BENEFIT
TIME
MONEY
18
THERE ARE ____ FACTORS OF DEMAND
6
3
4
7
19
CONSUMERS FREELY AND WILLINGLY ENGAGING IN MARKET TRANSACTIONS
PRIVATE PROPERTY RIGHTS
VOLUNTARY EXCHANGE
ECONOMIC FREEDOM
COMPETITION
20
LIMITED LIABILITY IS AN ADVANTAGE OF?
SOLE PROPRIERTORSHIPS
NON PROFITS
COOPERATIVES
CORPORATIONS
21
VOLUNTARY GROUP OF PEOPLE THAT WORK TO BENEFIT THEIR MEMBERS
CORPORATION
CONSUMERS
CONSUMER COOPERATIVE
PARTNERSHIP
22
WHO DECIDES WHAT IS AVAIBLE FOR SALE IN A CAPITALISTIC ECONOMY?
WORKERS
ENTREPRENUERS
BUSINESS OWNERS
CONSUMERS
23
MERGERS OF CORPORATIONS AT DIFFERENT STEPS OF MANUFACTURING OF A PRODUCT
VERTICAL
MULTINATIONAL
HORIZONTAL
CONGLOMERATE
24
A SHORTAGE IS FOUND
BELOW EQUILIBRIUM
AT EQUILIBRIUM
NEAR EQUILIBRIUM
ABOVE EQUILIBRIUM
25
RENT AND TAXES ARE
TOTAL COSTS
FIXED COSTS
VARIABLE COSTS
MARGINAL COSTS
