I hate economics
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| show | B/c of his theory about free trade with limited government intervention
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| show | To think about your next step foward, marginal means "additional"
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| show | Exchange of goods and services that takes place of buyers and sellers.
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| 4.How are free markets efficient? | show 🗑
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| show | scarcity of needs, shortages, marginal utility, and cost of production.
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| 6. What are the factors of production? | show 🗑
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| 7. What is the best title for this >>> Innovator, Strategist, and risk taker | show 🗑
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| 8. Why are tradeoffs necessary? | show 🗑
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| show | When making a purchase decision, consumer attempts to get the greatest value poosible for the lowest amount of money
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| show | 1. what to produce, 2.how to produce it, 3.who uses it
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| show | Full employment, price stability, satisfactory rate of economic growth, free trade, correct distribution of income, and efficient location
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| 12. What does Adam Smiths idea of an "invisible hand" represent? | show 🗑
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| show | Market Economy
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| show | Method of production where a buisness or area focuses on the production of a limited scope of products or services
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| 15. We depend on others to produce most of the goods and services we want. what idea is this called? | show 🗑
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| show | price increases
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| show | Hot dogs, any other substitute
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| 18. Quantity demanded moves along the demand curve in response to changes in what? | show 🗑
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| 19. What happens to the demand for clothes in a clothing store when blizzards keep customers at home? | show 🗑
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| 20. Supply depends on the willingness and ability of what? | show 🗑
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| 21. According to the law of supply, what happens as price increases? | show 🗑
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| 22. What could increase the supple of soccer balls? | show 🗑
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| show | elasticity
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| show | The supply increases
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| show | Someone who has one bicycle will have less use for another one.
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| show | Where the supply is the exact amount as the demand
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| 27. The equilibrium price is the price At which what? | show 🗑
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| 28. If a manufacturer introduces a new product with a successful advertising campagn and an artificially low introductory price, what will most likely result? | show 🗑
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| 29. What event in Florida and Cali could most likely shift the supply curve for orange juice to the left? | show 🗑
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| 30. What is the usual result of setting a price ceiling on rents? | show 🗑
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| show | to ensure that evryone could get essential scarce goods.
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| show | determined between the forces of market supply and demand
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| show | Because people think its all the same products or food, but there are slight differences.
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