In economics, the amount of a product a consumer is willing and able to buy at various possible prices during a given time is called
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
Rent control is an example of this
What is price ceiling?
200
food, clothing, shelter are all examples of human
What is needs?
200
All 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 is called the
What is substitution effect?
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
human, capital, natural, entrepreneurship
What is factors of production?
300
Under what economic system do individuals influence economic planning by voting in elections for government offices?
What is democratic socialism?
300
the price of a substitute good, the price of a complement good, the price of the good next month
What is determinants of demand?
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
When a car is used to deliver pizza, it is what type of resource?
What is capital?
400
The 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 next best choice
What is opportunity cost?
500
two concerns of this economic goal is full employment and stable prices
What is economic stability?
500
If the price of butter falls, what will happen to demand for substitute goods, such as margarine?
it will fall
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?