Opp Cost/ PPC/Factors of Production
Supply/Demand
Graph, Graph, Graphs
Economic Law
Everything Else
100
List the 3 factors of production
What are Land, Labor, Capital,
100
Define the law of supply and the law of demand
What is
Supply- as price goes up Quantity Supplied goes up
Demand- as price goes up Quantity demanded goes down
100
The point at which supply and demand meet is known as what?
Equilibrium
100
What is the Law of Supply?
When price increases, quantity supplied increases.
100
What type of economy is this , Business can do whatever they want, their is no governemnt regulation
What is a market economy
200
First person to hit the buzzer gets 200 free points
LETS GO!!!
200
For both the supply and demand curves, changing only the price results in ____________
movement along the curve.
200
As a result of the price floor you will have a ______ in the market
What is a surplus as QD>QS
200
According to the Law of Diminishing Marginal Utility, oftentimes consumers
get less satisfaction out of a product the more they consume it.
200
Which type of economy is known for using the barter system?
Traditional Economy
300
Owen needed to study for his exam but instead he went to the mall. What is the opportunity cost of Owen going to the mall?
What is studying for his test
300
List the 5 shifters of Demand
What are
Change in Consumer taste, Number of Consumers, Change in Consumer Income, Consumer Expectations, Price of Related goods both complements and substitutes.
300
What could cause the shift in this graph? AND What happens to equilibrium price and quantity as a result of the shift?
What is an increase in Consumer taste, Increase in Number of Consumers, Increase in Consumer Income, Consumer Expectations, Price of complements decresed or price of substitute increased
Equilbrium price and quantity both increase as a result of the shift
300
What is an opportunity cost?
All the benefits you give up when you make a decision
300
Which type of economy allows the government to control all the means of production?
Command Economy
400
To produce goods and services, labor, land, and capital combine in a ______.
What is a distribution cycle.
400
A hurricane destroys sugar crops. What happens to the market for sugar?
Supply will decrease.
400
If there is a decline in supply which way will the graph shift?
The supply graph will shift left
400
Studying incentives helps economists
understand how people make decisions and use their scarce resources.
400
Which type of economy best describes the United States?
Mixed Economy
500
Scarcity forces people to make
trade offs
500
The price of gum increases. If mints are substitutes, what happens to the market for mints?
Demand will increase.
500
It's $2 coffee day at Starbucks, which way is the demand curve going to shift?
There'll be an increase in demand and the curve will shift right.
500
What is the difference between scarcity and shortage?
scarcity is permanent, while shortages are temporary.
500
Minimum wage is an example of a(n)
Price Floor