Microeconomics

Front

The problem of unlimited desires and limited resources is the problem of

Back

scarcity

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

When economists look at supply and demand schedules and/or supply and demand curves, what are the only two variables examined?

Back

Price and Quantity

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

A _____ is a graph that lists prices on the vertical axis and quantities on the horizontal axis.

Back

demand curve