Unit Two Lesson Five Economics

Unit Two Lesson Five Economics

Assessment

Flashcard

Other

12th Grade - University

Practice Problem

Hard

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20 questions

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1.

FLASHCARD QUESTION

Front

a product that is used or consumed jointly with another product; tennis rackets and tennis balls are one example

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Back

Complimentary Good

2.

FLASHCARD QUESTION

Front

the quantity of a good or service that consumers are both willing and able to buy at various prices

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Back

Demand

3.

FLASHCARD QUESTION

Front

Degree to which the quantity demanded or supplied of a good or service changes in response to a change in price

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Back

Elasticity

4.

FLASHCARD QUESTION

Front

economic law stating that as the price of a good or service increases, the quantity demanded decreases, and vice versa

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Back

Law of Demand

5.

FLASHCARD QUESTION

Front

The amount of money a firm receives in the course of doing business

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Back

Revenue

6.

FLASHCARD QUESTION

Front

a product that satisfies the same basic want as another product

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Back

Substitute Good

7.

FLASHCARD QUESTION

Front

economic law stating that as the price of a good or service increases, the quantity supplied increases, and vice versa

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Back

Law of Supply

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