Supply and Demand
This term means the desire for a good paired with the ability to pay for it.
What is demand?
Which economic system is based on tradition and customs?
What is a Traditional economy.
What economic problem exists because resources are limited but wants are unlimited?
What is Scarcity?
This market structure has many sellers offering identical products.
What is perfect competition?
This is the main source of revenue for the U.S. government.
When the price of a product goes up, the quantity demanded usually goes down. This is known as the
What is the law of demand?
In a market economy, who answers the three basic economic questions?
What is consumers and producers?
Choosing to spend $10 on lunch instead of saving it for a movie ticket is an example of what concept?
What is opportunity cost.
This market structure has only one seller.
What is a monopoly?
This organization acts as the central bank of the United States.
What is the Federal Reserve?
A shift right in the demand curve means demand has done this.
What is increased?
Which system typically has the highest level of government regulation?
What is a Command economy.
What term describes the limited amounts of resources available to meet unlimited wants?
What is scarcity.
Gas, airlines, and cell phone providers often operate in this type of market structure.
What is an oligopoly?
This is the government’s plan for collecting and spending money each year.
What is the federal budget?
If a new technology makes production cheaper, what happens to the supply curve?
What is it shifts right (increases suppl
What economic system is characterized by both private ownership and significant government involvement?
What is a Mixed economy.
If a country increases production of military goods and decreases production of consumer goods, what is the opportunity cost?
What is the consumer goods not produced.
This market structure is the most efficient for consumers due to lowest prices and highest competition.
What is perfect competition?
When the government lowers taxes to encourage consumer spending, it is using this type of policy.
What is expansionary fiscal policy?
When quantity supplied equals quantity demanded, the market is at this.
What is equilibrium?
What are the three basic economic questions every society must answer?
What is what to produce, how to produce, and for whom to produce?
What do economists call anything used to produce goods and services—like land, labor, capital, and entrepreneurship?
What is resources or factors of production.
This market structure includes a few large firms dominating the industry.
What is an oligopoly?
The total amount of money the federal government owes from past borrowing is called this.
What is the national debt?