You are a microeconomics super star
What is the vocab word states, "where goods and services are bought and sold."
Product Market
The vocab word that states, "measure of the amount of output produced."
productivity
The vocab word that states, "the choice(s) involved when you make a trade-off for a different good or service."
Opportunity Cost
The vocab word that states, "struggle between buyers and sellers to get the best products at the lowest price."
competition
The vocab word that states, "the study of how people satisfy unlimited wants with the careful use of scarce resources."
Economics
What is the vocab word that states, "when the quantity supplied exceeds the demand for that product or service."
Surplus
The vocab word that states, "Situation where there are not enough resources to meet the wants and needs of a society."
The vocab word that states, "choosing between two items or activities."
Trade off
The vocab word that states, "desire, willingness, and ability to buy a good/service."
Demand
The vocab word that states, "Goods that are used together."
Complementary Goods
What is the vocab word that states, "when there is not enough supply to meet demand."
Shortage
The vocab word that states, "Person who buys or uses product and services."
Consumer
The vocab word that states, "amount of goods/services that producers are willing to sell at various prices."
Supply
The vocab word that states, "when a person or firm focuses on producing a specific good or service"
Specialization
The vocab word that states, "goods that can take the place of another good."
Substitute goods
What is the vocab word that states, "the good being produced moves on a conveyor belt past workers who perform individual tasks."
Assembly Line
Person or business that creates a good or service
Producer
The vocab word that states, "resources necessary to produce goods and services."
Factors of Production
The vocab word that states, "money or training put into improving a workforce."
Human Capital
The vocab word that states, "where factors of production are exchanged for wages and salary."
If you are a unskilled worker how would you most likely be paid?
Hourly/Weekly Wage
Give a example of a product that would be highly inelastic?
Gas (answers may vary)
What would be the strongest motivating force within a market economy system?
Individual self- interest
_____________ is an example of a price floor that is set in place by the government?
Minimum Wage
What are the four different market structures?
Monopoly, Pure Competition, Monopolistic Competition, Oligopoly