Econ Notes Review

Front

The situation of not having enough resources to satisfy all one’s wants (in English)

Back

Scarcity

Front

For your birthday you are planning a sleepover. You have 3 very close best friends. However there is only space for 2 of them at the sleepover. This is an example of?

Back

Scarcity

Front

The study of how individuals and nations make choices about the ways to use scarce resources to fulfill their needs and wants (in English)

Back

Economics

Front

Which type of economy does the U.S. have?

Back

Market Economy

Front

If the product is high in demand what does that mean?

Back

It indicates strong consumer interest and a potential for increased sales.

Answer explanation

If there is NO demand for booger flavored chips then people do not want them.

Front

If the supply of booger flavored chips is high and the demand is low what might happen?

Back

Prices may decrease due to having a lot of chips.

Front

If the demand is high for an xbox but supply is low what might happen?

Back

Prices may increase due to high demand and low supply.

Front

What is it called when one company controls all of the market for their good/service?

Back

Monopoly

Answer explanation

Ticketmaster is accused of having a monopoly because it controls the most if not all ticket sales for major events.

Front

In a command economy who controls the production?

Back

The government

Front

What does CPI stand for?

Back

Consumer Price Index