Definitions
This is the amount of a good or service that would be bought at a given price.
What is demand?
This is the happy meeting of price and quantity, supply and demand
What is market equilibrium?
This coordinates action in a free market
What are prices?
According to the Law of Demand, if the price increases, demand will ____________.
What is decrease?
All needs actually exist within a given ____________.
What is range?
This is the what you have to go without in order to acquire some product or service.
What is opportunity cost?
These are the three types of economies we've looked at
What are Traditional, Command, and (Free) Market economies?
This economic feature is created by a price floor.
What is a surplus?
If supply broadly increases, this will happen to the product's price in the market.
What is decrease?
The price one producer is willing to pay for a given ingredient is the price every producer is ____________ to pay.
What is required or forced?
This economic reality is the reason everyone cannot have a beachfront home
What is scarcity?
These are the four factors of production
What are land, labor, capital, and entrepreneurship?
This prevents prices from rising above a certain level.
What is a price ceiling?
According to the Law of Demand, price and quantity have a _____________ relationship.
What is inverse?
If the demand line shifts to the right, this happens to the market equilibrium price and quantity.
This is the definition of economics
What is the study of how people or societies use limited resources to satisfy unlimited wants?
If an item is resistant to price changes and demand will not change drastically over time, it is considered a(n) _____________ good.
What is elastic?
This is an alternative to a given product or service that consumers can acquire.
What is a substitute (good)?
These are two of the four reasons a good might be elastic.
What is:
It's a luxury item///It represents a large portion of the family income///There are plenty of substitutes///and the item is durable?
This country was subject to some of the worst inflation in world history due to land confiscation, leading to price ceilings and black markets.
What is Zimbabwe?
This template/blueprint shows the movement of goods and services around an economy.
What is the Circular Flow Model?
In general, shortages will cause prices to __________, while surpluses will cause prices to ____________.
What is increase and decrease?
If there is a shortage of a product and demand isn't/cannot be met, this unfortunate reality will end up developing.
What is a black market?
The reality that each additional purchase of a product or service by a given consumer will be less satisfying than the previous purchase is called this.
What is the Principle of Diminishing Marginal Utility?
Name one reason a demand line might shift.
What is:
Number of Buyers
Income
Tastes/Preferences
Related Goods
Expectations