Basic Economic Concepts
Graphs and Models
Markets in Motion
Economic Systems and Structures
Think Like an Economist
100

Something essential for survival versus something people desire but do not need to survive.

What is Needs versus Wants?

100

In a circular flow diagram, what do households provide to firms?

What are the four factors of production?

100

Elastic or inelastic? Gasoline. How do you know?

What is inelastic—people still buy it even when prices go up?

100

What are the four main types of economic systems?

What is traditional, command, market, and mixed economies?

100

Legal protection for inventions, to encourage innovation.

What is a patent and why do governments issue them?

200

Land, Labor, Capital, Entrepreneurship.

What are the four factors of production?

200

What does it mean when the supply curve shifts to the right on a graph?

What is suppliers are willing and able to SUPPLY more of the good at every price?

200

What happens to the price when there’s a surplus of goods?

What is prices tend to fall?

200

What type of economy does the U.S. have?

What is mixed economy?

200

What makes a product elastic?

What is if a small price change causes a large change in quantity demanded?

300

Choosing to go to college instead of working full-time. Working full time would be your...

What is opportunity cost?

300

a) On the curve,
b) Inside the curve, and
c) Outside the curve.

What is 

a) efficient

b) inefficient

c) unattainable

300

The price at which the quantity demanded equals the quantity supplied.

What is equilibrium price?

300

A market with many buyers and sellers, identical products, and no barriers to entry.

What is perfect competition?

300

To correct market failures, promote equity, ensure competition, etc.

What is government intervention?

400

The condition that results from society not having enough resources to produce all the things people would like to have.

What is Scarcity?

400

What happens to the PPF if there is a new technology that increases productivity?

What is the curve shifts outward?

400

A sudden increase in consumer income shifts the demand curve for luxury cars. What happens to equilibrium price and quantity?

What is both increase?

400

Utilities like water or electricity supply.

What is natural monopoly?

400

It can increase demand by influencing consumer preferences.

What is advertising? Bonus | what curve would it shift?

500

All the possible combinations of two goods that an economy can produce with available resources and technology.

What does a PPF (Production Possibilities Frontier) graph show?

500

What causes a shift in the supply curve? Name at least two reasons.

What is change in the cost of inputs, technological advancements, changes in government policy (taxes/subsidies), number of sellers, or producer expectations?

500

What causes a shift in the demand curve? Name at least two reasons.

What is change in income, tastes, number of buyers, price of related goods, expectations?

500

What’s the difference between an oligopoly and a monopoly?

Oligopoly has a few firms dominating; monopoly has only one seller.

500

How would a tax on producers affects the supply curve?

What is it shifts the supply curve to the left, increasing prices and lowering quantity?

M
e
n
u