Chapter 1
Chapter 2
RANDOM
Demand
SupplyChapter 5
100
What is Scarcity
The Basic Economic Problem. The idea that their is a lack of resources available to meet all human wants.
100
What is an economic system.
This is how society uses resources to satisfy people's wants.
100
What is a traditional economy.
In this type of economy, you are given your role in life by your ancestors.
100
Desire to own something and ability to pay for it.
How can someone demand something?
100
existing firms will produce more in order to earn additional revenue
The law of supply states that....
200
What is Economics
This is the study of how people use resources to satisfy wants.
200
What is Traditional, Command and Market Economy.
What are the three economic systems that we discussed in class?
200
Free-rider
What is the problem that occurs when someone is not willing to pay for a public good, but still takes the benefit from it.
200
Demand Curve
What is a graphic representation of a demand schedule.
200
Supply Curve
This is a graphic representation of a supply chart.
300
What will be produced? How will it be produced? For whom will it be produced?
What are the three economic questions that every society must answer.
300
Martorelli approval
Please provide an advantage of a Command Economy.
300
Fixed Costs
In production, these costs will always stay the same, no matter how much of a good or service is made.
300
THE QUANTITY DEMANDED OF A GOOD OR SERVICE VARIES INVERSELY WITH ITS PRICE
What does the Law of Demand state.
300
Upwards and to the right.
A Supply Curve is always going what direction.
400
What is Land, Labor, Capital, Entrepreneurship.
What are three out of four Factors of Production
400
Martorelli approval
What is a disadvantage of a traditional economy?
400
Pet Rock
This was an example of a fad that made millions.
400
Substitution Effect
This takes place when a consumer reacts to a rise in the price of one good by consuming less of that good and more of a substitute good
400
To the left.
An increase in taxes will result in the supply curve going what direction?
500
What is a production possibilities curve.
This graphic representation shows the maximum goods or services that can be produced from limited resources.
500
What is a Circular Flow Chart
This graph illustrates how interactions occur in a market.
500
He was the promotor of the Free Markets. Hint he was a professor.
Double Jeopardy
500
Income Tastes/Advertising Price of related goods Expectations Number of consumers Demographics
What are the 6 reasons we can see a change happen on a demand curve?
500
Change in Cost of Inputs Productivity Technology Taxes and Subsidies Expectations Government Regulations Number of Sellers
What are the seven reasons we can see a change in the supply curve.
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