Unit 1
Unit 2
Vocab
Graphs
Shifts and Movement
100
True or false: Everyone is a consumer
True
100
What direction do demand curves go?
Down
100
People who come up with the ideas for producing goods and services
Entrepreneurs
100
Demand Curve
100
If orange juice doubled in price, would we see a positive shift in demand, a negative shift in demand, or a movement along the line
Movement along the line
200
What are the 4 economic systems?
Market, Command, Traditional, and Mixed
200
What is the name of the point where supply and demand curves meet?
Equilibrium point
200
Whatever is given up when a choice must be made
Opportunity Cost
200
What would happen to the EQ if there was a negative shift in supply
It would lower
200
IF people found out that yogurt can cure cancer, would we see a positive shift in demand, a negative shift in demand, or a movement along the line
A positive shift in demand
300
What is the definition of economics?
The study of how people, businesses, and nations make choices and use their resources
300
What is the law of supply?
The law of supply states that producers are willing to supply more of a a good or service as the price becomes higher
300
Human made things that are used to produce goods and services
Capital
300
What is the EQPrice
8
300
If flour became extremely expensive, would we see a positive shift in supply, a negative shift in supply, or a movement along the line in the supply of cakes
A negative shift in supply
400
What are the four factors of production?
The four things needed to produce goods and services
OR
Natural resources, labor, capitol, and entrepreneurs
400
What can cause a shift in demand?
Income, price of other goods, change in taste or appearance, seasons, or expectations.
400
The use of science to create new or better goods and services or more efficient methods of production
Specialization
400
At $3.50 there would be a 
Surplus
400
If the price for peanut butter decreased, would we see a positive shift in demand, a negative shift in demand, or a movement along the line for the demand of jelly
A positive shift in demand
500
What is a standard of living
A way to measure how well the needs and wants of citizens are being met by the economic system
500
On a supply and demand graph, when the two lines cross, what is the area above and between them called?
Surplus
500
The amount of product that people are willing and able to purchase at each possible price during a given time period
Demand
500
What is the EQ after the shift in demand?
$600
17
500
If sewing machines became much stronger and faster, would we see a positive shift in supply, a negative shift in supply, or a movement along the line in the supply of Tshirts
A positive shift in supply