Microeconomics Review
Flashcard
•
Social Studies
•
12th Grade
•
Hard
Wayground Content
FREE Resource
Student preview
28 questions
Show all answers
1.
FLASHCARD QUESTION
Front
Surplus: Quantity Demanded > Quantity Supplied, Quantity Demanded < Quantity Supplied, Legal maximum price sellers can charge for a product
Back
Quantity Demanded < Quantity Supplied
2.
FLASHCARD QUESTION
Front
Shortage: Quantity Demanded > Quantity Supplied, Quantity Demanded < Quantity Supplied, Legal maximum price sellers can charge for a product
Back
Quantity Demanded > Quantity Supplied
3.
FLASHCARD QUESTION
Front
Supply
Back
Desire & ability to produce & sell a product
4.
FLASHCARD QUESTION
Front
Market Equilibrium: What is the QUANTITY when the Quantity Demanded = Quantity Supplied at a certain price?
Back
QUANTITY when the Quantity Demanded = Quantity Supplied at a certain price
5.
FLASHCARD QUESTION
Front
Elasticity
Back
How responsive producers/consumers are to price changes in the marketplace (look at the slope)
6.
FLASHCARD QUESTION
Front
Price Ceiling
Back
Legal maximum price sellers can charge for a product
7.
FLASHCARD QUESTION
Front
Price Floor
Back
Legal minimum price buyers must pay for a product
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