Supply and Demand
Supply and demand affect goods and services in an economy. If people decide to buy more of a product, producers will MOST likely decide to ________.
Alyssa is hungry and thirsty. She only has enough money for potato chips or a lemonade. She cannot buy both. If Alyssa buys the chips, what is her opportunity cost?
What is the lemonade; she will remain thirsty.
Anyone who buys a good or service.
What is a consumer
Hot dog and hot dog buns
What are complements
Since the United States trades products with many countries, American consumers ________.
What is have a better selection of goods and services
How much people want something
What is demand
The price of orange crops in Florida will ______ if there is a freeze that destroys most of the crop
What is increase
Goods and services that people enjoy but don't need
What are "wants"
The Red Sox set a price limit on tickets for the 2019 season at $50/ticket.
What is a price ceiling
The amount of money we pay for a good or service
What is the price
The amount of product that is available for a consumer to purchase
What is supply
True or false. When the government establishes a price floor or price ceiling it is a means of dealing with demand.
What is false; it is a means of dealing with scarcity.
In economics, there are imports and exports. An import is _________.
What is items shipped from a foreign country
The brand-name Ralph Lauren polo shirts and Old Navy polo shirts are examples of what types of goods?
What are normal and inferior goods
When nations specialize in their areas of comparative advantage and then trade with the rest of the world, the result is that
What is that the average standard of living will increase
When a small store closes because a larger store has opened close by, this is an example of ______.
What is competition
Tom is a business owner that specializes in selling candy. He has 10 suckers, 4 candy bars, and one ring pop. Which item is the most scarce, and what will happen to the price of it if the demand stays high?
What is the ring pop; the price will increase
Something we pay for that we can touch
What are goods
Coal, a cashier at the grocery store, a work-owned vehicle, and a self-employed individual are examples of...
What are the four factors of production
A person's focus on one product or service
What is specialization
An excess of supply is typically created by government initiation of this...
What is a price floor
Bill Bone-crusher graduates from college with a choice of playing professional football at $2 million/year or coaching for $50,000/year. He decides to play football, but eight years later he quits football to make movies for $3 million a year. His opportunity cost at graduation was ________ and eight years later was ______.
What is $50,000 and $2 million
Tim has a lemonade stand. By producing the lemonade, Tim is providing this...
What is a service
The government declaring that student loan interest rates must be higher than 8%
A price floor
Name three types of business economies
What are traditional, market, and command economies