Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

Normal Size Small Size show me how

Created by: amaya0521

Popular Finance sets

Economic Activites

Goals and Decisions

Basic of Taxes

Consumer rights and responsibilities

Career Choices

Lifestyles and Stages of Life

shopping options and practices

Savings And Investing

Researching Job/Career Options

Protecting Your Financial Security

Transportation Options

Consumer Information

Question	Answer
shortage	where Qd > Qs
producer	the person who combines resources and sells them in the market
Capital goods	Goods used to produce other goods, causes economic growth
alternative outputs	other products that can be produced with the same resources (pizza or pretzels)
Supply	The schedule of quantities offered for sale at all possible prices in the market.
taxes	fee charged by the government that increases supply and raises the cost
equilibrium	agreed upon price by the producer and the consumer; where Qs = Qd
Product Market	where goods and services are exchanged
Scarcity	the fundamental problem of Economis, satisfying unlimited wants with limited resouces
Opportunity Cost	the cost of the next best alternative use of time, money or resources when one choice is made rather than another
Law of Supply	the rule that states more will be offered to sell at higher prices than at lower prices
surplus	where Qs > Qd
resource costs	the cost of wages and raw materials for producing a product
Factors of Production	land, labor, capital, entrepreneurs
Resource Market	where land, labor, capital are exchanged for rent, wages, and capital
Law of Diminishing Returns	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
technology	causes an increase in supply without increasing resources
Inelastice Supply	when a change in price has little impact on Qs
Elastic Supply	supply that is very responsive to the price
subsidy	free money from the government to protect an certain economic activity

shortage	Answer: where Qd > Qs	1	0	false
producer	Answer: the person who combines resources and sells them in the market	2	0	false
growth	Goods used to produce other goods, causes economic _____	3	1	true
alternative outputs	Answer: other products that can be produced with the same resources (pizza or pretzels)	4	0	false
possible	The schedule of quantities offered for sale at all _____ prices in the market.	5	1	true
raises	fee charged by the government that increases supply and _____ the cost	6	1	true
equilibrium	Answer: agreed upon price by the producer and the consumer; where Qs = Qd	7	0	true
Product Market	Answer: where goods and services are exchanged	8	0	false
Scarcity	Answer: the fundamental problem of Economis, satisfying unlimited wants with limited resouces	9	0	false
Opportunity Cost	Answer: the cost of the next best alternative use of time, money or resources when one choice is made rather than another	10	0	false
prices	the rule that states more will be offered to sell at higher _____ than at lower prices	11	1	true
where Qs > Qd	Question: surplus	12	1	false
resource costs	Answer: the cost of wages and raw materials for producing a product	13	0	false
Factors of Production	Answer: land, labor, capital, entrepreneurs	14	0	false
exchanged	where land, labor, capital are _____ for rent, wages, and capital	15	1	true
certain	As more units of a _____ variable input are added to a constant amount of other resources total output keeps rising but only a diminishing rate	16	1	true
supply	causes an increase in _____ without increasing resources	17	1	true
little	when a change in price has _____ impact on Qs	18	1	true
responsive	supply that is very _____ to the price	19	1	true
government	free money from the _____ to protect an certain economic activity	20	1	true