Test 1 Supply & Demand
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| division of labor | show 🗑
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| economics | show 🗑
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| scarcity | show 🗑
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| show | when workers or firms focus on particular tasks for which they are well-suited within the overall production process
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| show | economic policies that involve government spending and taxes
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| show | the branch of economics that focuses on broad issues such as growth, unemployment, inflation, and trade balance.
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| Microeconomics | show 🗑
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| monetary policy | show 🗑
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| circular flow diagram | show 🗑
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| goods and services market | show 🗑
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| labor market | show 🗑
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| show | see theory
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| show | a representation of an object or situation that is simplified while including enough of the key features to help us understand the object or situation
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| command economy | show 🗑
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| show | products (goods and services) made domestically and sold abroad
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| show | the trend in which buying and selling in markets have increasingly crossed national borders
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| show | measure of the size of total production in an economy
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| show | products (goods and services) made abroad and then sold domestically
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| show | interaction between potential buyers and sellers; a combination of demand and supply
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| market economy | show 🗑
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| private enterprise | show 🗑
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| traditional economy | show 🗑
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| underground economy | show 🗑
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| budget constraint | show 🗑
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| law of diminishing marginal utility | show 🗑
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| show | examination of decisions on the margin, meaning a little more or a little less from the status quo
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| opportunity cost | show 🗑
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| show | all possible combinations of consumption that someone can afford given the prices of goods and the individual’s income
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| show | costs that are made in the past and cannot be recovered
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| show | satisfaction, usefulness, or value one obtains from consuming goods and services
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| allocative efficiency | show 🗑
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| comparative advantage | show 🗑
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| show | as additional increments of resources are added to producing a good or service, the marginal benefit from those additional increments will decline
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| show | a diagram that shows the productively efficient combinations of two products that an economy can produce given the resources it has available.
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| productive efficiency | show 🗑
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| show | idea that self-interested behavior by individuals can lead to positive social outcomes
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| show | statement which describes how the world should be
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| show | statement which describes the world as it is
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| demand curve | show 🗑
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| demand schedule | show 🗑
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| show | the relationship between price and the quantity demanded of a certain good or service
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| show | the price where quantity demanded is equal to quantity supplied
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| equilibrium quantity | show 🗑
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| equilibrium | show 🗑
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| excess demand | show 🗑
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| excess supply | show 🗑
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| show | the common relationship that a higher price leads to a lower quantity demanded of a certain good or service and a lower price leads to a higher quantity demanded, while all other variables are held constant
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| show | the common relationship that a higher price leads to a greater quantity supplied and a lower price leads to a lower quantity supplied, while all other variables are held constant
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| price | show 🗑
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| quantity demanded | show 🗑
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| show | the total number of units of a good or service producers are willing to sell at a given price
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| show | at the existing price, the quantity demanded exceeds the quantity supplied; also called excess demand
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| show | a line that shows the relationship between price and quantity supplied on a graph, with quantity supplied on the horizontal axis and price on the vertical axis
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| show | a table that shows a range of prices for a good or service and the quantity supplied at each price
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| supply | show 🗑
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| show | at the existing price, quantity supplied exceeds the quantity demanded; also called excess supply
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| show | other things being equal
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| show | goods that are often used together so that consumption of one good tends to enhance consumption of the other
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| show | the combination of labor, materials, and machinery that is used to produce goods and services; also called inputs
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| show | a good in which the quantity demanded falls as income rises, and in which quantity demanded rises and income falls
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| inputs | show 🗑
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| normal good | show 🗑
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| shift in demand | show 🗑
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| show | when a change in some economic factor (other than price) causes a different quantity to be supplied at every price
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| show | a good that can replace another to some extent, so that greater consumption of one good can mean less of the other
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| price ceiling | show 🗑
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| price control | show 🗑
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| show | a legal minimum price
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| total surplus | show 🗑
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| show | the extra benefit consumers receive from buying a good or service, measured by what the individuals would have been willing to pay minus the amount that they actually paid
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| deadweight loss | show 🗑
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| show | see social surplus
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| producer surplus | show 🗑
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| show | the sum of consumer surplus and producer surplus
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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.
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Created by:
EdL
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