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Economics key terms Flashcards | StudBud

Explore/Economics key terms

Economics key terms

12 terms·StudBud Administration·14 plays

Identify all the key terms.

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Questions 12

Answers

1
what is demand?
the quantity of goods or service purchased in a given time
goods that give you profit
goods that you sell
goods that are used to make other goods
2
what would cause an outward shift of Production possibility curve?
innovation and invention of new products
damaging effects of natural disaster
wasting resources
higher productivity
3
what is the three types of economey?
supply, free market, command
capital, free, demand
total utility
free market, mixed, command
4
what are the 3 types of market failure
company or firm doesn't make enough money
occupational immobility, geographical immobility
labour immobility, income inequality, imperfect knowledge
every one in the firm leaves
5
how do you work out YED
% change in quantity demanded / % change in real income
% change in quantity demanded / % of supply
none of the above
% change in demand / % change in price
6
making a decision based on who and what is around us and what they do?
architecture behaviour
herd behaviour
availability bias
anchoring
7
what are capital goods?
something of high demand
goods that are used to make other goods
something you buy
8
what is maximum utility?
Getting a high quantity product
Getting the most value or quality out of a product
The opportunity cost
How much a product cost
9
what are the 4 factors of production
enterprise, place, money, profit
land, sea, air, dirt
land, labour, enterprise, capital
capital, labour, price, place
10
what complementary product of cheese?
wine
chocolate
cows
crackers
11
what does cross elasticity measure
demand
supply
cross
the relation between two products
12
what is oppotunity cost?
the loss of other alternative when one alternative is chosen
how much you spent
buying somthing
making money