Supply and Demand
a graph of the relationship between the price of a good and the quantity demanded
demand curve
What will happen to the equilibrium price and quantity if demand decreases and supply remains unchanged?
a) Price increases, quantity increases
b) Price decreases, quantity decreases
c) Price remains the same, quantity decreases
d) Price decreases, quantity increases
B. Price decreases, quantity decreases
A diagram that represents the movement of money, goods, services, and factors of production between economic agents like households, businesses, government, and foreign markets.
Circular Flow Model
Can you really see the Great Wall of China from space?
No
Who is Kendrick Lamar's "Not Like Us" about?
Drake
a graph of the relationship between the price of a good and the quantity supplied
supply curve
What occurs when the price of a good is set below its equilibrium level?
a) A surplus of the good
b) Shift in Demand
c) A shortage of the good
d) An increase in demand
C. A shortage of the good
Individuals or groups of people who provide factors of production (labor, land, capital, entrepreneurship) and consume goods and services.
Households
How many branches does the US government have?
Three
Which city is often referred to as the birthplace of jazz?
New Orleans
a market price at which the quantity demanded equals the quantity supplied; there is no surplus or shortage
Equilibrium
What is the most likely outcome if a technological advancement reduces the cost of production for a good?
a) Supply decreases, price increases
b) Supply increases, price decreases
c) Demand increases, price increases
d) Supply decreases, price remains the same
B. Supply increases, price decreases
Economic entities that produce goods and services, which they sell to households, other businesses, and the government. They also purchase factors of production from households.
Businesses (Firms)
Where can you find the Colosseum?
Rome, Italy
What is the best-selling album of all time?
Michael Jackson's Thriller
A situation in which quantity supplied is greater than quantity demanded
surplus
Which of the following scenarios would lead to a movement along the demand curve, rather than a shift in the curve?
a) A change in consumer income
b) A change in the price of the good
c) A change in the price of a substitute good
d) A change in consumer preferences
B. A change in the price of the good
The market where goods and services produced by businesses are bought and sold to consumers, such as households and the government.
Product Market
What fish is used to make calamari?
Squid
Which English rock band released the iconic album The Dark Side of the Moon in 1973?
Pink Floyd
A situation in which quantity demanded is greater than quantity supplied
shortage
If the government imposes a tax on the production of a good, how will it affect the supply curve?
a) The supply curve will shift to the right
b) The supply curve will shift to the right
c) The demand curve will shift to the left
d) The supply curve will shift to the left
D. The supply curve will shift to the left
The money received by households for providing factors of production to businesses. This can include wages (for labor), rent (for land), interest (for capital), and profit (for entrepreneurship).
Income
What do you call a group of crows?
A murder
Who was the band Fleetwood Mac named after?
Mick Fleetwood and John McVie