Markets
Economists
Supply and Demand
Mix
Remix
100
The highest form of competition is called
What is perfect competition?
100
A statement describing how the world should be is a ______________ statement
What is is a normative statement?
100
A leftward shift of a demand curve is called a(n)
What is decrease in demand?
100
Economics deals primarily with the concept of
What is scarcity?
100
Positive statements are
What is claims about how the world is?
200
In most societies, resources are allocated by
What is the combined actions of millions of households and firms?
200
The dispassionate development and testing of theories about how the world works
What is the scientific method?
200
The sum of all the individual demand curves for a product is called
What is market demand?
200
Inputs into the production process are called
What is Factors of Production?
200
In most societies, resources are allocated by
What is the combined actions of millions of households and firms?
300
In a perfectly competitive market, at the market price, buyers
What is can buy all they want, and sellers can sell all they want?
300
Economists are usually not able to conduct experiments, so they must rely on
What is natural experiments offered by history?
300
An increase in demand is represented by a
What is rightward shift of a demand curve?
300
Chips and salsa would more likely be an example of
What is complementary goods?
300
Which of the key players is omitted from the simple circular-flow model
What is The Government?
400
By definition, exports are
goods produced domestically and sold abroad?
400
The design of tax policy is one of the responsibilities of economists who work at the
What is The Department of the Treasury?
400
Two goods are complements when a decrease in the price of one good
What is increases the demand for the other good?
400
If a good is normal, then an increase in income will result in
What is an increase in the demand for the good?
400
The combinations of output that an economy can produce is called
What is The Production Possibilities Frontier?
500
When there are so many buyers and so many sellers that each has a negligible impact on the price of the product, this is called
What is a competitive market?
500
When an economist is asked a question like “why is unemployment higher for teenagers than for older workers?” the economist
What is is asked to explain the cause of an economic event?
500
When the price of hot dogs changes, the demand curve for hot dogs
What is does not shift because the price of hot dogs is measured on the vertical axis of the graph?
500
A movement along the demand curve might be caused by a change in
What is the price of the good or service that is being demanded?
500
Tom Brady should probably not mow his own lawn because
What is his opportunity cost of mowing his lawn is higher than the cost of paying someone to mow it for him?
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