CP Econ Unit 2

CP Econ Unit 2

Assessment

Flashcard

History

12th Grade

Practice Problem

Hard

Created by

Wayground Content

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28 questions

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1.

FLASHCARD QUESTION

Front

What economic law says that consumers will buy more goods when the price is low, and less goods when the price is high?

Back

law of demand

2.

FLASHCARD QUESTION

Front

Which of the following is NOT a cause of a change in the demand curve?
income- how much money people make
Trends/popularity
cost of production

Back

cost of production

3.

FLASHCARD QUESTION

Front

What does it mean if supply and demand is sensitive to a change in price?

Back

elastic demand/supply

4.

FLASHCARD QUESTION

Front

What does it mean if you will continue to buy the same amount of an item, no matter if the price is higher or lower, like gas?

Back

inelastic demand/supply

5.

FLASHCARD QUESTION

Front

What good used in place of another, especially if the price of the original item is high?

Back

substitute

6.

FLASHCARD QUESTION

Front

What are goods that are bought and used together called?

Back

complement

7.

FLASHCARD QUESTION

Front

What economic law says that producers will offer more goods when the price is high and less goods when the price is low?

Back

law of supply

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