Supply
Elasticity
Demand
PPC
General
100
The supply curve slopes "upwards" because _________________.
...as the price of a product rises, the quantity supplied of the product will usually increase, ceteris paribus.
100
In the context of PED, describe the relationship between price and quantity in the following diagram:
The PED <1 (inelastic) due to the % change in price of the product having a proportionately larger change than the % change in quantity demanded.
100
Additional units of a product are likely to bring customers less _________.
utility
100
The PPC shows that a _____ has to be made between the two types of output that are competing for the economy's resources.
choice
100
What is thew name of this model?
The Circular Flow of Income Model
200
It is not enough for producers to be _____ to produce a good or service, they must be able to _____ it.
Willingness and Ability:
200
Which determinant of PED is most closely associated with a person who earns a good (fixed) salary and continues to buy the same amount of coffee each week, even though the price of the coffee increases by 10%?
The proportion of income spent on the good, or Income Elasticity for PED
200
A change in the ______of the good itself leads to a movement along the existing __________.
200
If the economy is using all of its resources to the fullest extent possible and operating on the PPC, we say there is productive _________.
efficiency
200
What economic model may be used to illustrate scarcity, choice, opportunity cost and efficiency?
The Production Possibilities Curve (PPC)
300
In the neoclassical model, it is assumed that producers are rational "_____".
"maximizers"
Producers' only objective is to maximize profit.
300
What is the name of the international organization for Public-Private Cooperation, provides a global platform that connects prominent and powerful stakeholders and builds initiatives for cooperation and development of their agendas.
WEF
World Economic Forum
300
It is not enough for consumers to be willing to purchase a good or service. They must also have the financial means to buy the product. This is known as ________.
effective demand
300
How might improved technologies affect a PPC?
Improved technology typically leads to increased efficiency in production, allowing more output to be produced with the same amount of resources and resulting in an outward shift (rightward) of the PPC.
300
Households provide ______ to firms and receive ________ in the form of income.
400
Which non-price determinant of supply most accurately conveys the following analysis?
The price of related goods:
Joint Supply
400
For a good with PED >1, when price increases which revenue box will be larger, the initial or final?
The initial revenue box would be larger.
400
Which non-price determinant of demand does the following analysis most likely convey?
The price of related goods:
Substitutes
400
To move from point D to point E, the ________ of the extra 200 manufactured goods would be _____of agricultural products. 
400
Income that leaves a two-sector economic model, is usually recognized as _______.
leakage
500
In the context of supply, an increase in demand for Good X, will result in _________________
.....an increase in quantity supplied of Good X.
500
Bread would most likely have a YED ______ indicating that it is a ________.
500
Which non-price determinant of demand does the following analysis most likely convey?
The price of related goods:
Unrelated goods
500
What do we assume about the factors of production used to produce the following two goods?
The factors of production for both goods are identical and result in constant cost.
500
In a planned economy, a central body (usually a government) makes the decisions regarding ___________.
.......what to produce, how to produce and for whom to produce.