Let's Go Graphing
When graphing supply and demand, price goes on what axis?
What is the Y-axis, or vertical axis?
This always exists, it means you have unlimited wants, with a limited number of resources
What is scarcity?
This is a french-term that means hands-off, it is how most Free Markets Systems operates...
What is laissez-faire economics?
A good, service, or item that experiences a change in quantity demanded when there is a change in price is known as
What is elastic?
A worker's skills that is gained through education or formal training...
What is human capital?
The Production Possibilities Curve shows the production of how many different types of goods
What is 2 different goods?
When both supply & demand are graphed, it will look like this letter...
what is the letter X?
This is a phenomenon that doesn't last a long time, but results in goods not being available for purchase on the shelf.
What is a shortage?
This is the type of economy that we enjoy here in America, where the market regulates itself
What is a Free Market System?
A good, item, or service that does NOT reflect a change in quantity demanded when there is a change in price is known as
What is Inelastic?
A man-made item that makes production easier, like a computer or car
what is physical capital?
This is a term for any point that is along (touches) the frontier
What is efficient?
When both supply and demand are graphed, a point above equilibrium indicates there is a what?
What is a surplus?
Having too many goods in production than is being demanded is known as a...
What is a surplus?
Free markets systems would fail if there wasn't interference from the government. This free market system is maintained by the government, helping it to stay afloat.
What is a Mixed Market Economy?
When a price change leads to an equal change in quantity demanded, or it is equal to exactly 1...
What is Unitary Elastic?
A government license that grants an author exclusive right to publish and sell creative works.
What is a patent?
This term describes NOT using resources to the best ability
What is underutilization?
If supply increases, the line will move in what direction?
(you must give both directions )
What is up and to the right?
what is supply?
The economic system in which the government answers the Three Key Economic Questions
(you must give both names)
What is Centrally Planned Economy & Command Economy?
The measure of a company’s ability to supply a good or service when there is a change in price is known as
What is Elasticity of Supply?
Please list the Three Key Economic Questions
What are
"what to produce?"
"How to produce it?" and
"Who to produce for?"
What is unattainable/impossible?
When both supply and demand are graphed, a point underneath equilibrium inidicates there is a what?
What is a shortage?
The level of wealth, comfort, and ability to meet basic needs and consume material goods is known as...
DOUBLE JEOPARDY!!!
Please give me an example of a fixed cost, and a variable cost!
Fixed Costs: Rent, Buildings, Machinery, etc.
Variable Costs: Labor, Materials, Benefits (insurance, etc.), Production costs.
The measure of a change in (consumer’s) consumption of a good or service when there is a change in price is known as...
What is Elasticity of Demand?
According to the law of demand, when the price of an item goes up, the item demanded will....
The Production Possibilities Curve represents the idea of being able to produce more/less of a good - this is also considered....
What is a trade-off?