2.02 Economics Flashcard

Front

What is the study of how to meet unlimited, competing wants with limited resources called?

Back

Economics

Front

Which of the following is a desire for something that can only be satisfied by spending money?
Noneconomic want, Economic want, Need, Service

Back

Economic want

Front

What are physical objects that are useful, scarce, and transferable called?

Back

Economic goods

Front

Which of the following is NOT a classification of consumer products? Convenience, Shopping, Materials, Specialty

Back

Materials

Front

What are the human and natural resources and capital goods used to produce goods and services called?

Back

Economic resources

Front

What is scarcity?

Back

A condition resulting from the gap between limited resources and unlimited wants for goods and services

Front

What does the law of demand state?

Back

The quantity of a good or service that buyers are ready to buy varies inversely with its price.

Front

What is equilibrium in economic terms?

Back

The point at which the quantity supplied is equal to the quantity demanded

Front

What happens to demand when the price of a product decreases?

Back

Demand for the item goes up

Front

What is the economic process of trading one good/service for another called?

Back

Exchange