Economics and Personal Finance Flashcard

Front

What is the term for the price at which the quantity demanded equals the quantity supplied?

Back

Equilibrium price

Front

What are the factors that determine demand?

Back

Demand shifters, price, supply

Front

What is the term for goods that can be used as alternatives to each other?

Back

Substitute goods

Front

What usually results when price ceilings are established?

Back

Shortages

Front

Why do skilled workers usually make more than unskilled?

Back

Skilled workers have higher demand

Front

What is The Law of Demand?

Back

The Law of Demand is an economic principle that states that the quantity of a good or service demanded varies inversely with its price.

Front

What are Factors that determine demand?

Back

Price, income, consumer preferences, population, advertising, and availability of substitutes.

Front

What are Surpluses?

Back

Surpluses are excess amounts of goods or resources.

Front

What are Shortages?

Back

Shortages are an insufficient supply of a particular item or resource.

Front

What is Price?

Back

Price refers to the amount of money or value that is assigned to a product or service.