| Definitions | Economic Systems | Supply and Demand | Supply and Demand - Which Curve | Supply and Demand - Which Direction |
|---|---|---|---|---|
|
What is the science of how individuals choose to use scarce resources to fulfill their unlimited needs and wants.
Economics
|
What is a traditional economy.
Which economic system is based off of rituals and customs?
|
What is the amount of a good or service that is made available for the consumer.
What is Supply?
|
What is the supply curve
What curve would shift if a drought destroys most of the crops? (wheat)
|
What is to the left
What direction would the demand curve shift if the price of jellybeans goes up? (Jellybeans)
|
|
What is the next best alternative when making a decision.
Opportunity Cost
|
What is a command economy.
Which economic system has to deal with a centralized government deciding everything.
|
What is down to the right.
What direction does a demand curve slope?
|
What is the demand curve
What curve would shift if environmentalists urged consumers to boycott redwood products? (redwood lumber)
|
What is to the left
What direction would the demand curve shift if the price of milk increases? (Oreo cookies)
|
|
What is how much of a good or a service that a consumer wants.
Demand
|
What is when you trade a good/service for another good/service.
What is bartering?
|
What is price and quantity demanded.
What are the two axis labelled as in a supply and demand curve?
|
What is the demand curve
What curve would shift if the price of hamburger went up? (hamburger)
|
What is to the right
What direction would the demand curve shift if the price of cable tv rises? (Netflix)
|
|
What is when price is high, supply is high. When price is low, supply is low.
Law of Supply
|
Who is Adam Smith
Who wrote "The Wealth of Nations?"
|
What is a good who's demand increases as consumer's income increases.
What is a superior good?
|
What is the demand curve.
What curve would shift if a 7.9 earthquake hits San Fransisco? (cement)
|
What is to the left
What direction would the supply curve shift if there is an early frost that destroys most of the crops? (Oranges)
|
|
What is when price is high, demand is low. When price is low, demand is high.
Law of Demand
|
What is the concept suggests that if the economy allows people to pursue their own individual interests, the result will be the best for society as a whole.
What is the invisible hand?
|
What is a good who's demand increases as consumer's income decreases.
What is an inferior good?
|
What is the demand curve.
What curve would shift if an electric company announce that computer bug will likely result in power outages? (Candles)
|
What is to the left.
What direction would the supply curve shift if the price of flour increases? (hot dog buns)
|
Support Us on Ko-fi