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Ella + The Basics of Economics Flashcards | StudBud
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Ella + The Basics of Economics
Ella + The Basics of Economics
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Questions
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Answers
1
An example of need on the left and want on the right
car/purse
Phone/Celery
Pie/Markers
Apple/shirt
2
Becky wanted both a new water bottle(30$), and a new bag($30), she only had $40 so she bought a bottle. This is called:
Becky had a limiting factor of a bag
Equilibrium
Opprotunity cost
3
Supply to the sky reffers to...
The supply arrow (a graph) is going up to the right
the business just bought a lot of supplies, has more stock
The supply arrow (on graph) is going up to the left
The supply arrow (on graph) is at the equilibrium
4
everything above the equilibrium point is:
A shortage
Because the item got popular the company bought more
A surplus
5
An example of a direct relationship:
Price of a product & Quantity supplied
Supply & demand
Equilibrium
Price of a product & Quantity demanded
6
Why might the demand for a product or service change overnight?
Doctors or scientists discover a benefit to this product
Because one store put the price really high
A pandemic
A popular influencer recommends it
7
the two determinants of demand
buisnesses buy more expensive products to make more profit
You need to be sure you are producing what is demanded at the right price
buyers are willing and able to purchase your product
consumers like and want your product
8
Why might stored put food at the back of their store?
Because people often buy food, you will pass everything on your way there
Because people dont mind walking that far for food
Because no one buys food at a store, they don't want you to see it
Because they want you to see the food when you walk in and want to buy it
9
Define the purpose of a business
A business exists to sell services to consumers for a profit
Businesses exist to satisfy consumer need/want with item/service for profit
Businesses exist to make products and sell them for a profit
Profit. Just profit.
10
Pick the correct order for Malsow's Hierarchy of Needs (base need to top of triangle)
Social, safety/security, physiological, esteem, self-actualisation
Psychological, safety/security, social, esteem, self-actualisation
Esteem, safety/security, self-actualisation, social, physiological
Physiological, safety/security, social, esteem, self-actualisation
