Chapter 1 vocabulary
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| when price has little influence on demand for a product | inelastic demand
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| the degree to which demand is affected by price | demand elasticity
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| the study of the decisions that go into making, distributing, and using goods and services | economics
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| distributes | allocates
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| how a nation makes decisions to allocate its resources | economy
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| how much producers are willing and able to produce at a certain price | supply
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| a minimum price set by the government that can be charged for goods and services | price floor
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| a maximum price set by the government that can be charged for goods and services | price ceiling
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| 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
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| when demand for a product is affected by price | elastic demand
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| how much consumers are willing and able to buy at a certain price | demand
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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