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Duplicate of Economics Supply and Demand Flashcards | StudBud
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Duplicate of Economics Supply and Demand
Duplicate of Economics Supply and Demand
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StudBud Administration
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Basic economic terms used to learn supply and demand.
Flashcards
14 cards
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Questions
14
Answers
1
What is a complementary good?
A good that goes with another good.
A good that replaces a good.
A good that makes up a part of a whole good.
2
Which of these can shift the demand curve?
Change in Income
Change in Number of Consumers
Change in Technology
3
The movement along the demand curve is called what?
Change in Demand
Change in Quantity Supplied
Change in Quanitity Demanded
4
Payment made to a producer to continue to operate is what?
Subsidy
Excise Tax
Revenue
5
The law of diminishing marginal utility, income effect and substitution effect are:
Factors of Economics
Factors that affect consumer spending
Factors of Production
6
A tax on the manufacture or sale of a good is what?
Subsidy
Excise tax
Revenue
7
The movement along the supply curve is called what?
Change in Quantity Supplied
Change in Supply
Change in Quantity Demanded
8
<div>Minimum wage increases, which curve will shift and which shifter explains it?</div>
Demand, Change in Income
Demand, Change in Technology
Supply, Change in Producer Expectation
9
When price increases the want for that good decreases. This is what?
The Law of Supply
The Law of Demand
Market Demand
10
The sum of all the wants in a market is what?
The Law of Demand
Revenue
Market Demand
11
What is a substitue good?
A good that goes with another good.
<div>A good that replaces a different good. </div>
A good that makes up part of a good.
12
Government pays a company to make a good, Which curve will shift and what shifter is it?
Supply, Change in Government Policy
Supply, Natural Disasters and International Affairs
Demand, Change in Consumer Expectation
13
When price increases the amount of goods produced increases. This is what?
The Law of Demand
The Law of Supply
<div>Market Demand</div>
14
Which of these can shift the supply curve?
Change in Technology
Change in Consumer Expectations
Change in Goverment Policy
