Are you Satisficed
Friendship is an example of
A noneconomic want
The quantity of a good or service that producers are able and willing to offer for sale at a
specified price in a given period of time is
Supply
One price compared to another or The ratio between two prices
Relative price
Basic economic system that relies on customs and traditions passed down through
the generations
Traditional
What is the deadliest animal in the world? (kills more people each year than any other animal)
the mosquito
something that you desire that has a monetary value.
Economic want
The law of demand
prices go up demand goes down
prices go down demand goes up
The price at which the quantity that buyers want to
buy is equal to the quantity that sellers are willing
to sell
An economic system in which decisions are made by a central authority
Command economy
What is the capital of Singapore?
Singapore (it’s an island city-state)
the three basic economic questions
What products will be produced, how will products be produced, and how will
products be allocated
The law of supply
prices go up supply goes up
prices go down supply goes down
The quantities supplied are more
than demanded
surplus or excess supply
Owns and controls practically all of the means of production and distribution
Communism
What is the name for the solar event that occurs on March 20th or 21st of each year?
The Vernal Equinox
an economic concept that describes the gap between unlimited wants and limited resources
Scarcity
Law of supply and demand
The supply of a good or service will increase
when the demand is great and decrease when
demand is low
When demand is great: Prices increase Supply increases
When demand is low: Prices usually decrease Supply decreases
The quantities supplied are
less than demanded
Shortage or excess demand
Government owns some basic means of production.
There is also private ownership of business.
Socialism
Relative to the internet, what does “URL” stand for?
Uniform resource locator
The heart of economics is (Scarcity) is the study of how individuals and societies make
Decisions
Demand does not change when prices changes
inelastic demand
the change in the quantity demanded of a good when its price changes relative to other similar goods, causing consumers to switch to cheaper alternatives
The Substitution Effect
Individuals and businesses own the means of production and distribution
Market economies
What is the only food that can never go bad?
Honey