Supply
Vocabulary
Demand
Circular Flow Chart
Misc.
100
According to the law of supply, producers are willing to supply more when the price of a good or service does this.
What is goes up?
100
In this system, the government does not interfere in the economy, or interferes very little.
What is laissez-fair/capitalist?
100
True/False: According to the law of demand, quantity and price move in the same direction.
What is false?
100
In the circular flow chart, households supply these to businesses.
What are labor and expenditures (money)?
100
Entrepreneurs are people who do this.
What is start up businesses?
200
If taxes increase, the supply curve will shift in this direction.
What is to the left?
200
Owners pay only personal income taxes on their profits in this type of business organization.
What is sole proprietorship?
200
Demand for one particular brand of coffee is probably this.
What is elastic?
200
These are the three main economic actors in a circular flow chart.
What are government, households, and businesses?
200
This is the result if the price of a product is above its equilibrium price.
What is surplus?
300
According to the law of supply, higher prices prompt producers to do this.
What is produce more?
300
This is a major characteristic of a pure market economy.
What is unrestricted competition?
300
This economic rule states that the quantity demanded and price move in opposite directions.
What is law of demand?
300
In a circular flow chart, businesses supply these to households.
What are income, goods and services?
300
The economic concept dealing with consumers' responsiveness to an increase or decrease in price.
What is elasticity?
400
This is the amount of a good or service that producers are able and willing to sell at various prices during a specified time period.
What is supply?
400
When the price of a good is too high for consumers, they look for this.
What is substitutes?
400
The amount of a good or service that consumers are able and willing to buy at various possible prices during a specific time period.
What is demand?
400
In the circular flow chart, the businesses supplies these to the government.
What are taxes, goods, and services?
400
The interaction of supply and demand determines this.
What is equilibrium price?
500
If the price of inputs drops supply curve to shift this direction.
What is right?
500
This is the principle that states the more you have of something, the less satisfaction you will get from an additional unit.
What is law of diminishing marginal utility?
500
If the population increases, the demand curve moves in this direction.
What is to the right?
500
In the circular flow chart, the government supplies this to households and businesses.
What are subsidies and services?
500
A temporary partnership set up for a specific purpose for a limited period of time is known as this.
What is joint venture?
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