Show:
Basic Concepts
The Circular Flow Model
Supply and Demand
Elasticity
Market Systems
100
_____________ _______ is opportunity lost
What is opportunity cost
100
Businesses/firms obtain input materials from the _________ ________.
What is resource market
100
The Demand Curve has a __________ slope.
What is negative
100
Profit Maximization occurs when Marginal Revenue = __________ _______
What is Marginal Cost
100
On the most competitive side of the spectrum, there are ____________ _______________ markets.
What are perfectly competitive
200
This type of advantage exists when one individual or group engages in the economic activity for which they have the lowest opportunity cost
What is comparative advantage
200
The two markets represented by the Circular Flow model are the resource market and the ____________ ________.
What is Product Market
200
As price increases, ___________ ____________ increases, which causes a movement along the supply curve.
What is Quantity Supplied
200
___________ ___________ demand appears on a graph as a vertical line.
What is Perfectly Inelastic
200
A _________ _________ is earned when economic profit = 0
What is normal profit
300
__________ ______ is the cost involved when one more unit of a good is produced
What is Marginal Cost
300
___________ exchange labor for wage in the Resource Market.
What are households
300
An expected future increase in price would cause an ________ (inward/outward) shift in the demand curve.
What is Outward
300
A consumer with a choice of 12 different brands of bananas from the supermarket experiences ___________ demand because of the presence of substitutes.
What is elastic
300
On the most competitive side of the spectrum, there are ____________ _______________ markets.
What are perfectly competitive
400
A decrease in the cost of a resource would cause the PPC to shift _______ (inward/outward).
What is outward
400
The government obtains _____ __________ from households and Businesses/firms.
What is tax revenue
400
The Supply Curve is a graphical representation of the supply _________.
What is schedule
400
A very steep sloping demand curve implies ___________ demand.
What is inelastic
400
In a perfectly competitive market, ___________ ______________ is represented by a graph where a normal profit is shown.
What is long-run equilibrium
500
Allocative Efficiency exists when __________ __________ equals __________ _______.
What is when marginal benefit equals marginal cost
500
The _________ __________ interacts with the rest of the world to import and export goods/services in exchange for money.
What is Product Market
500
If demand remains constant and supply shifts inward, the equilibrium price __________ (increases/decreases).
What is Increases
500
In a price discriminating monopoly, the monopolist will charge a higher price to the consumer with the more ___________ demand.
What is elastic
500
A __________ ____________ is the result of an industry in which one company can satisfy the market demands more efficiently than small firms.
What is Natural Monopoly