Unit 2 - Supply & Demand Flashcards

Unit 2 - Supply & Demand Flashcards

Assessment

Flashcard

Social Studies

12th Grade

Practice Problem

Easy

Created by

MARA GREENBERG

Used 1+ times

FREE Resource

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20 questions

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1.

FLASHCARD QUESTION

Front

Price controls: Ceiling, Floor, Surplus, Shortage

Back

Ceiling = max price, Floor = min price, Surplus from floor, Shortage from ceiling

2.

FLASHCARD QUESTION

Front

Suppliers expect price rise next year

Back

Supply curve shifts left this year

3.

FLASHCARD QUESTION

Front

Law of Demand

Back

Lower price = more quantity demanded

4.

FLASHCARD QUESTION

Front

Equilibrium Price and Quantity

Media Image

Back

$3.00, 2,000

5.

FLASHCARD QUESTION

Front

Market Equilibrium Definition

Back

Supply = Demand; Prices Stable

6.

FLASHCARD QUESTION

Front

Change in Quantity Demanded vs Change in Demand

Back

Change in quantity demanded is movement along existing demand curve. Change in demand creates a new demand curve

7.

FLASHCARD QUESTION

Front

Equilibrium

Back

Producers and consumers agree on a price

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