Supply and Demand
Types of Economy
Values and Goals
Purchasing Process
True of False
100
The Law of ____________ states that consumers will buy more if prices are lower.

Demand

100

China is considered a _______________ economy.

Mixed

100

Things you wish to accomplish are called________?

Goals


100

The stage in the decision making process where you identify a need/want is called ________________.

Specify

100

Scarcity is when consumer's wants are greater than resources available to satisfy those wants.

True

200

The Law of ___________ states that producers will sell more if the prices are higher.

Supply

200

Tribes that live in remote regions of the world still function under this type of economy.

Traditional

200

Goals are based on a person's _______.

Values

200

Janet asking a person about two products would fall under which stage in the decision making process?

Search

200

Surplus is when consumers demand more products than producers are able to produce

False - Shortage

300
Zombie apocalypse happens, what will happen to the demand and supply curve for bubble tea? (珍珠奶茶）

They both will move inward/go down

300

When the government owns the resources and the means of production it is called what?

Command Economy

300

The value given up of the next best alternative is called _______________.

Opportunity Cost
300

Joseph notices that the new shirt he bought shrunk. He decides not to buy from this brand again. What stage in the decision making processes is this?

Study

300

The idea that consumers are in charge of the economy is called consumer economics

False - Consumer Sovereignty

400

What is it called when demand is high but supply is low?

Shortage

400

Economics is the study of...

How people/society use scarce resources
400

Food, Water, and Shelter are all examples of ____________.

Basic Human Needs
400

Karen decides to try on two pairs of shoes to compare. What stage in the decision making process is this?

Sift

400

Producers have three choices when they have a surplus: Lower Price, Convince Customers to pay higher prices, stop/slow production

True

500
The price where quantity supplied and quantity demanded meet is called what?

Equilibrium Price

500

What is the main goal in a 100% market economy.

Profit

500

What are the 5 types of values

Life Values, Work Values, Cultural Values, Social Values, Demographic Values

500

A purchase made on a whim, without using a dicision making process is called a ____________ Purchase.

Impulse

500

Monopolies are a benefit of competition.

False - They are what happens when there is no competition

M
e
n
u