Economics (Special Flashcard)

Front

What is the primary function of a market?

Back

To facilitate the exchange of goods and services

Front

What term refers to the point where supply and demand meet?

Back

Equilibrium price

Front

Which of the following is an example of a monopolistic market? Options: Agricultural market, Utilities like electricity, Currency exchange, Retail clothing brands

Back

Retail clothing brands

Front

What does competition in a market encourage?

Back

Better quality products

Front

A decrease in consumer demand generally leads to:

Back

Decreased supply

Front

What is the role of producers in a market?

Back

To supply goods and services

Front

Which of the following is NOT a type of market structure? Perfect competition, Monopoly, Trade union, Oligopoly

Back

Trade union

Front

What happens in a free market economy?

Back

Resources are allocated by supply and demand

Front

Which factor does NOT influence market demand? Consumer income, Tastes and preferences, Price of substitutes

Back

Political elections

Front

What does “elasticity of demand” refer to?

Back

A measure of the responsiveness of demand to price changes