Microeconomics

Front

What is microeconomics?

Back

The part of economics that deals with individual choices, when individuals are both humans and businesses.

Front

When you buy a game system and games together, this is an example of which economic concept?

Back

Complements

Front

When you buy a PlayStation instead of an X-Box because the price of the PlayStation went up, this is an example of what?

Back

Substitutions

Front

According to the _____, quantity demanded and price move in opposite directions.

Back

law of demand

Front

In a ____, most economic decisions are made by individuals looking out for their own interests.

Back

market economy

Front

____ are rewards offered to try to get people to take certain economic actions.

Back

Incentives

Front

What determines if an item's demand is elastic?

Back

If an item stops being bought because of a rise in price.

Front

A ____ system allows businesses to compete for profit with a minimum of government interference.

Back

Free Market

Front

The graph below is an example of a

Back

Supply Curve

Front

The following choices below are basic needs, except: Food, Shelter, Branded Clothing, Water

Back

Branded Clothing