Economics Semester Flashcard

Front

For the law of supply, as price rises, what happens to quantity supplied?

Back

It goes up

Front

For the law of demand, as price rises, what happens to quantity demanded?

Back

It goes down

Front

The amount of a good or service that is available to consumers.

Back

Supply

Front

When the demand for a product or service is higher than the supply this causes what?

Back

Shortage

Front

The point where supply and demand are balanced (Where supply and demand intersect).

Back

Equilibrium

Front

Supply depends on the willingness and ability of....

Back

producers to sell

Front

When the gov't pays money to businesses, usually to encourage them to produce a certain product..

Back

Subsidies

Front

Land includes...

Back

The "gifts of nature" or natural resources not created by human effort.

Front

Capital refers to...

Back

the tools, equipment, and factories used in production of goods and services

Front

Labor refers to...

Back

people with all their physical and mental efforts and abilities