Test Android StudyStack App
Please help StudyStack get a grant! Vote here.
or...
Reset Password Free Sign Up


incorrect cards (0)
correct cards (0)
remaining cards (0)
Save
0:01
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the Correct box, the DOWN ARROW key to move the card to the Incorrect box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

Correct box contains:
Time elapsed:
Retries:
restart all cards



Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

ShentonEconsTest2

Study4EconsTest2

QuestionAnswer
What is the Law of Demand? As price of a Good rises, the quantity demanded will fall.
Changes to Equillibriums:What happens in "Increase in Demands"? D-curve shifts to right, Increase in Price, Expansion of Quantity
Changes to Equillibriums: What happens in "Decrease in Demand"? D-curve shifts to left, Decrease in Price, Quantity Expands
Changes to Equillibriums: What happens in "Increase in Supply"? S-curve shifts to right, E.Price decrease,E.Q expands
Changes to Equillibriums: What happens in "Decrease in Supply"? S-curve shifts to left, E.Price increase, E.Q contracts
What are the 'Changes to Equillibriums'? -increase in demand, -decrease in demand, -increase in supply, -decrease in supply
Demand and Supply: What happens when inventories fall and consumption rises? Price increases causing Q to contract + O to expand -> Pe
What are inventories? Any unsold stock, also unemployment.
Demand and Supply: What happens when inventories rise and consumption falls? P fall causing Q to expand + O to contract -> Pe
At P, S<D Shortage
At P, S>D Surplus
What are the characteristics of a competitive market? Price determined by interaction between buyers and sellers
What is a Product Market? consumer is demand and firm is the supplier
What is a Factor Market? Households sell resources (in factors of production) to firms
What are the characteristics of a Non-Competitive Market? A monopoly, dominant firm rules
In Supply: As P rises, Producers _____? increase output
In Supply: As P rises, Demand ____? contracts
In Supply: As Output rises and consumers buy less, Product is _____? Less scarce
In Supply: As P falls, Consumer buy more-> product becomes ______ and price______? Scarcer and Price increases
What is Demand? Buying intentions of consumers that are willing and able to purchase
What is the Income Effect? As real Y falls you demand less of a good
What is the Substitution Effect? As price increases for Good A, demand will fall and demand for Good B increases
What is the Law of Diminishing Marginal Utility? Satisfaction received from the consumption of increasing quantities of goods and services will eventually fall
Demand: P increases = Quantity falling Contraction
Demand: P decreases = Quantity rising Expansion
What is Price at E? Market/Equillibrium Price
D=S Equillibrium
What are the Non-Price Factors? (Shifting Entire Curve) - Y of consumers- Related goods prices- Tastes and Preferences- Expectations of Consumers- Demographic Factors
What is Price at E? Market/Equillibrium Price
D=S Equillibrium
What are the Non-Price Factors? (Shifting Entire Curve) - Y of consumers- Related goods prices- Tastes and Preferences- Expectations of Consumers- Demographic Factors
Created by: Chrissy Hartley Chrissy Hartley on 2009-03-03



Copyright ©2001-2014  StudyStack LLC   All rights reserved.