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PF - Chapter 1

Chapter 1 vocabulary

QuestionAnswer
when price has little influence on demand for a product inelastic demand
the degree to which demand is affected by price demand elasticity
the study of the decisions that go into making, distributing, and using goods and services economics
distributes allocates
how a nation makes decisions to allocate its resources economy
how much producers are willing and able to produce at a certain price supply
a minimum price set by the government that can be charged for goods and services price floor
a maximum price set by the government that can be charged for goods and services price ceiling
the economic principle that requires people to decide which goods and services to use or not use due to limited resources and unlimited wants scarcity
when demand for a product is affected by price elastic demand
how much consumers are willing and able to buy at a certain price demand
Created by: t.cookin