Supply and Demand
The law of demand states that
What is as price increases, quantity decreases
_______________ is this acronym for demand shifters.
What is BITER?
____________ is the market structure with unique products.
What is a monopoly?
Name the three types of taxes.
What are progressive, regressive, and proportional?
PPCs are used to show 2 things. Name one.
What is opportunity cost and company efficiency?
As price increases, quantity increases refers to
What is the law of supply?
The "O" in TONERS refers to....
Pure (perfect) competition has ____________ barriers of entry.
What is none?
Explain how progressive taxes help the poor.
What is progressive taxes take a higher percentage from the rich?
Elastic goods refer to
What is wants/luxuries?
A price ceiling is going to create a ___________. Explain how this is negative.
What is a shortage? This means there is not enough goods for consumers.
If the government provides a subsidy to the shoe making industry, the shift would be of the _________ curve. Now identify the shifter in the example.
What is the supply curve and Subsidies/Taxes?
_________ is the type of market structure where there are only a few sellers.
What is an oligopoly?
Give an example of regressive taxes.
What is sales tax?
Name the four sectors of the circular flow chart.
What are households, factor market, businesses, and product market?
_______________ and ______________ are government interventions when it comes to setting prices.
What are price floor and price ceiling?
If the US was expecting a hurricane to hit Friday, explain the shift(s) that will occur for supply and/or demand if we are looking at how this effects TODAY.
What is the expectations would cause the demand line to shift to the right and expectations would also cause supply to shift to the right due to companies making the current resources in jeopardy cheaper?
Name the 4 types of monopolies.
What are natural, geographical, governmental, and technological?
Taking a higher percentage from the poor would be referring to
What is regressive taxes?
First come- first served is an example of
What is resource allocation?
If there is a decrease in either supply or demand, the curve will.....
What is shift to the left?
What is substitutes are replacing while complements are going together?
S: milk and soy milk
C: shampoo and conditioner
Market structures are used to identify...
What is the amount of competition a business is participating in?
Give an example of proportional taxes
What is a flat tax?
Name two characteristics of an economy.
What are private property, consumer sovereignty, competition, government regulation, and profit motive?