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economicsupplyvocab Test

Enter the letter for the matching Answer
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1.
Law of Supply
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2.
alternative outputs
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3.
Inelastice Supply
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4.
Law of Diminishing Returns
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5.
producer
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6.
Capital goods
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7.
Supply
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8.
equilibrium
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9.
surplus
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10.
Factors of Production
A.
when a change in price has little impact on Qs
B.
agreed upon price by the producer and the consumer; where Qs = Qd
C.
the person who combines resources and sells them in the market
D.
where Qs > Qd
E.
the rule that states more will be offered to sell at higher prices than at lower prices
F.
The schedule of quantities offered for sale at all possible prices in the market.
G.
land, labor, capital, entrepreneurs
H.
As more units of a certain variable input are added to a constant amount of other resources total output keeps rising but only a diminishing rate
I.
other products that can be produced with the same resources (pizza or pretzels)
J.
Goods used to produce other goods, causes economic growth
Type the Question that corresponds to the displayed Answer.
incorrect
11.
the cost of wages and raw materials for producing a product
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12.
supply that is very responsive to the price
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13.
causes an increase in supply without increasing resources
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14.
where goods and services are exchanged
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15.
where Qd > Qs
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16.
where land, labor, capital are exchanged for rent, wages, and capital
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17.
free money from the government to protect an certain economic activity
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18.
the cost of the next best alternative use of time, money or resources when one choice is made rather than another
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19.
fee charged by the government that increases supply and raises the cost
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20.
the fundamental problem of Economis, satisfying unlimited wants with limited resouces

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