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Economic Basics and Supply & Demand Flashcards | StudBud
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Economic Basics and Supply & Demand
Milk
Butter and Margarine
Economic Basics and Supply & Demand
26 terms
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StudBud Administration
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#Economic Basics and Supply & Demand
Flashcards
26 cards
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Questions
26
Answers
1
Butter and Margarine
Substitute Items
Complementary Items
2
Milk
Service
Good
3
Hiring someone to fix your car.
Service
Good
4
Milk and Oreos
Substitute Items
Complementary Items
5
Natural Resources
Capital
Entrepreneurship
Land
Labor
6
Peanut Butter and Jelly
Substitute Items
Complementary Items
7
Equilibrium Amount
The right amount of something.
Too much of something
Too little of something
8
Automobile Insurance
Good
Service
9
Socialism
Gov't will help you. Medium to high taxes. Some safety.
Survival of the fittest. No guarantees. Low taxes.
Gov't controls you. All taxes. Nothing private. Share all
10
The person who organizes everything and takes risk.
Labor
Land
Capital
Entrepreneurship
11
What is this?
Change in Supply
Change in Demand
12
A Mansion with a five car garage
Need
Want
13
The workers
Capital
Entrepreneurship
Land
Labor
14
Surplus
Too little of something
The right amount of something.
Too much of something
15
What is the Law of Demand?
Price Goes Down; Quantity Goes Up
Price Goes Up; Quantity Goes Down
Price Goes Down; Quantity Goes Down
Price Goes Up; Quantity Goes Up
16
How does the economy fix a surplus?
Prices goes down
Price goes up
17
What is this?
Shortage
Surplus
18
Capitalism
Gov't controls you. All taxes. Nothing private. Share all
Survival of the fittest. No guarantees. Low taxes.
Gov't will help you. Medium to high taxes. Some safety.
19
The tools and equipment need to produce something.
Entrepreneurship
Land
Capital
Labor
20
Shortage
The right amount of something.
Too little of something
Too much of something
21
What is this?
Demand Graph
Supply Graph
22
What is this?
Demand Schedule
Supply Schedule
23
Oxygen
Need
Want
24
A car
Service
Good
25
Communism
Gov't controls you. All taxes. Nothing private. Share all
Gov't will help you. Medium to high taxes. Some safety.
Survival of the fittest. No guarantees. Low taxes.
26
How does the economy fix a shortage?
Price goes up
Prices goes down
