Show:
Demand
Market Structures
Absolute & Comparative Advantage
Economic Systems
100

What is Market Demand?

The total of all individual demands in a given market at a particular time

100

What are the 4 market Structures?

Monopoly, Oligopoly, Market Competition, Pure/Perfect Competition

100

Absolute Advantage is: 

The ability to produce a good at a lower COST than another person or country

100

What are the 3 economic systems? 

Command, Traditional, Mixed Economy

200

What is the Law of Demand?

  • As the price of a good increases, the quantity demanded decreases.
200
  • Which market structure is characterized by a single seller dominating the entire market?
  • Monopoly
200

Comparative Advantage is: 

the ability to produce a good at a lower opportunity cost than another individual or nation   

200

TRUE or FALSE: In our Free Enterprise economy entrepreneurship provides energy and imagination that helps our economic system grow and change

TRUE

300
  • If the price of ice-cream decreases, what is likely to happen to the market demand for ice-cream?
  • Increase
300

In a pure or perfectly competitive market, how many sellers are there? 

Few or Many

Many

300

Comparative advantage means that you give up the _________. 

Least

300

Which economic system relies on government planning and control of resources and production?

Command Economy

400

TRUE OR FALSE: Cost of Production does NOT affect the demand for a good.

TRUE

400

 In monopolistic competition, firms differentiate their products through: 

(think of your shoe project)

Engaging in non-price competition such as branding and advertising

400

The ability of a country to produce a good using fewer resources than another country is ____________ advantage.

Absolute

400

What is a fundamental principle of a Free Enterprise economy?

Private ownership of resources and businesses.