amount of a product a consumer is willing and able to buy at various possible prices during a given time
What is demand?
100
The three stages of production that can be predicted by the law of diminishing returns
What are increasing returns, diminishing returns, and negative returns?
100
the standardized means of economic exchange
What is money?
200
food, clothing, shelter
What are needs?
200
Most economies today are what type of economic system?
What is mixed economy?
200
The tendency of consumers to replace a relatively more expensive product for a similar, lower priced product
What is substitution?
200
the degree to which changes in price affect the quantity supplied
elasticity of supply
200
a government sometimes does this to a good because the supply of the good is low
What is rationing?
300
these 3 together - human, capital, natural resources
What are factors of production?
300
Economic system where people do things the same
way they always have for centuries.
What is traditional economy?
300
the price of butter falls so this happens to the price of a substitute good like margarine
What is a price decrease?
300
If a new tax is levied on the production of widgets, the supply curve for widgets will shift
to the left
300
national defense, the judicial system, and law enforcement are examples of this
What is public goods?
400
Using a car to deliver pizza
What is a service?
400
Economic condition that exists between businesses that sell the same product
What is competition?
400
A popular rock band's CD receives a very bad review. The band's popularity declines and demand for their CDs decreases, causing the demand curve to shift
to the left
400
If competition in the video-game market increases, the supply for video games will shift
to the right
400
this is thought to be an unwise economic policy because it is unfair, expensive, and creates black markets
What is rationing?
500
the basic economic problem of
unlimited needs & wants and limited resources
What is scarcity?
500
Our market economy by another name
What is capitalism or private enterprise or free enterprise?
500
the point at which demand and supply meet
what is equilibrium or market price?
500
Pollution is an example of this type of externality
What is negative externality?
500
Example of public goods
What is national defense, the judicial system, and law enforcement?