Concepts
Supply & Demand
General
History
Random
100

The amount of the good or service that customers want to buy

Demand

100

The  ______ states that as price increases, quantity supplied increases

Law of Supply

100

A local coffee shop decides to lower its prices to attract more customers. What branch of economics would this cover?

Microeconomics

100

Which economist is known for writing The Communist Manifesto and developing the theory of socialism and communism?

Karl Marx
100

Any place where buyers and sellers meet to exchange goods and services

Market

200

The condition in which resources are limited and not enough to meet unlimited wants and needs

Scarcity


200

Market equilibrium is the point in which ______ meets _______

supply, demand

200

Who famously wrote this quote: "It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest"

Adam Smith


200

Created in 1936 by John Maynard Keynes and considered one of the main branches of economics

Macroeconomics

200

_______ is one of the only countries that has a command economy

North Korea/Cuba

300

When there is excess supply, meaning that the quantity supplied is greater than quantity demanded

Surplus

300

Name two non-price determinants that can shift supply

Number of Firms

Costs of factors of production

Related goods

Expectations

Subsidies / Taxation

Technology

Shock



300

How does a shortage affect prices of goods and services?

Increases prices

300

Known as the father of modern economics for writing The Wealth of Nations in 1776

Adam Smith

300

_________ is the fifth country with the highest GDP

India

400

The value of the next best alternative that must be given up or sacrificed in order to obtain something else

Opportunity cost

400

Over time, consumers have shifted towards healthier foods. In this situation, what is the non-price determinant and what happens to the demand for McDonald's.

Tastes and preferences, Decreases

400

What are the four main types of economic systems?

Traditional economy, command economy, market economy, mixed economy

400

In 1921, the Weimar Republic in Germany experienced a case of ________.

Hyperinflation

400

_______ is the country that exports the most tobacco

Brazil

500

When a business or individual focuses their resources and labor on a specific type of production or task to increase efficiency and gain a competitive advantage

Specialization
500

What is the only non-price determinant (NPD) that can shift both supply and demand?

Expectations

500

What are the three economic goals for a country and how is each one measured?

Keep prices stable (measured with inflation rates), keep the economy growing over time (measured with GDP), and limit unemployment (measured with unemployment rate)

500

Who is considered the first Greek economic thinker?

Hesiod

500

What are the three countries with the highest inflation currently?

Argentina, Sudan, Turkey