Economic Systems
An economic system where there is privatized ownership, limited government interference, and a free market.
Capitalism
If the demand is high, then the supplier has to do what?
What is Increase Supply?
What type of market does America have?
What is Mixed Economy market?
What is the government?
Economic curve shifts
Fascism
These factors influence the supply and demand of a given good or service
What are Supply Determinants?
The price that a good or service can be bought at
What is Market Place?
This law states that the increase in the price of a good or service results in an increase in the quantity of said good or service's supply.
What is the law of Supply?
These factors influence either increase or decrease in the demand of a good or service.
What are Demand Determinants?
An economic and political ideology where everyone is equal. Social classes don’t exist and the government controls the production of factories, land, and resources. The government also controls healthcare, education, pensions, and income.
What is Communism?
If the price of a car falls, manufacturers are likely to make ____ cars.
What is fewer?
A desire for consumers to purchase goods and services for a specific price.
What is Demand?
Along a supply curve, if the price of a certain good falls, what will happen to the quantity of the good supplied?
What is decrease?
When the price of a good increases, the demand ___.
What is decreases?
What is the economic system in which industries are owned by the workers rather than private businesses?
What is Socialism?
The number of products a seller is willing and capable to provide.
What is supply?
The federal government's spending exceeds its revenues.
What is Economic deficit?
If inches of rain increases, more umbrellas will be bought. True or False?
When supply increases and demand doesn't, prices go _____.
A centralized government controls the means of production and determines output levels.
What is Command Economy?
When a factory makes too much of a product, that is a _____.
What is a surplus?
The price at which the demand for a good by consumers is equal to the number of goods that can be produced at that price.
What is Market Clearing Price
China can make 100 cars and 250 motorcycles and the US can make 500 cars and 500 motorcycles. Which country has the absolute advantage?
What is the US?
When there is too much demand and not enough supply, that is called a _________.
What is Market Shortage?