What is Disequilibrium

Quantity supplied is greater than amount demanded leading to lower prices, Quantity demanded is greater than quantity supplied leading to higher price

A blance between profit and quantity suppiled. Demand and supply are equal.

Whitch is not an advantage of a free enterprise

It has a low varitey of goods and services

A science that studies on how people satifies their needs and wants.

Lowest price that can be paid for a good or service

What happens with governmet intervention.

The governmet steps in and controls prices with a celling and floor.

What is vertical supply?

Goods that are no longer produced, No matter how high demand is.

What does prices in free market do?

They move land labor and capital to producers and finished goods for buyers

What one of these IS NOT an advantage of prices in a free market

Prices do not move around a lot.

How does supply and demand determined price.

consumers buy what they want and need and proudcuers respond to make it.

If demand goes up what shift in equlibrium will take place?

A shift right and price will go up.

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Ch.6 ECO. Supply and Demand

20 termsStudBud Administration6 plays

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Questions 20

Answers

1
What does spring break do for people eating in strongsville
Red Meat week
Taco Week
Bacon week
Nacho week
2
Who sets price cellings and price floors
Yourself
The governmet
The bussines owners
The manufacturers
3
What is NOT an Importance of equilibrium
Makes profit motives
No Shortages
Keeps buyers proudcing
Keeps sellers proudcing
4
What is Disequilibrium
Quantity supplied is greater than amount demanded leading to lower prices
A blance between profit and quantity suppiled. Demand and supply are equal.
A good or service will no longer be produced no matter how high demand is.
Quantity demanded is greater than quantity supplied leading to higher price
5
Whitch is something That a central planned economy does not oppose
Governmet power
Private Property
Free market pricing
Choice
6
what is equilibrium
Producer do not have enough supply to sell an item at a low price.
A blance between profit and quantity suppiled. Demand and supply are equal.
Consumers only buy items and the exact profit margin.
Quantity demanded is greater than quantity supplied.
7
Max prices that could be legally charged?
Price floor
Excess demand
Macro Economics
Price celling
8
Whitch is not an advantage of a free enterprise
It has freedom
It is efficint
It has a low varitey of goods and services
It has good economic growth
9
In the Demand schedule what does a shift right mean
Higher demand lower price
Higher demand higher price
lower demand higher price
Lower demand lower price
10
What is economics
Just looks at the governmets money
Just money.
Just focus on buisiness
A science that studies on how people satifies their needs and wants.
11
Price Floor
Lowest price that can be paid for a good or service
The highest price that can be paid for a good or service.
Spill overcost
The cost it takes to pay for flooring.
12
What happens with governmet intervention.
The governmet takes shuts down entire bussiness to limit prices.
The Governmet does nothing and allows prices to go as high as owners want.
The governmet makes people go out and buy/do stuff to put money in the air
The governmet steps in and controls prices with a celling and floor.
13
What does a price floor force?
No supply at all
Excess supply
Excess Demand
a struggle to make money in the flooring industry
14
What is vertical supply?
Supply that will keep going up no matter how high demand is
Demand will always go down no matter how high supply is.
Goods that will keep being sold as demand keeps moving up.
Goods that are no longer produced, No matter how high demand is.
15
What does prices in free market do?
They move land labor and capital to producers and finished goods for buyers
The give make prices very for people
They move land capital and money to producer and finished goods for buyers.
They move just land and labor to producers and finished goods for buyers
16
What one of these IS NOT an advantage of prices in a free market
Prices are signals
Wide choice of goods
Prices do not move around a lot.
Prices are insentives
17
Ẁhat is a example of a demographic in a school?
A kid buying and reselling items at a higher price.
A kid in a school selling sports cards but only having limited supply
70% white 30% other.
The pizzia price going up and down due to demand.
18
How does supply and demand determined price.
Consumers only buy what they need and producers only produce needs.
Producers use LLCE to make new things ignroing what people want.
consumers buy what they want and need and proudcuers respond to make it.
Consumers only buy wants so producer only produce what people want.
19
What does macro economics affect
The entire economy
Just the governmet
Just a single person
Small bussiness
20
If demand goes up what shift in equlibrium will take place?
A shift right and price will go down
A shift right and price will go up.
A shift left and price will go up.
a shift left and price will go down.

Ch.6 ECO. Supply and Demand Flashcards | StudBud