Economics Flashcard (Scarcity, Supply/Demand, Opportunity Cost)

Front

What was scarce?

Back

The waiters were scarce.

Front

What is my opportunity cost if I decide to use the $10.00 given by my grandmother for a new toy instead of a movie ticket?

Back

Your opportunity cost is the movie ticket.

Front

What is supply?

Back

Supply is the amount of a good or service that is available.

Front

Which correctly describes the supply and demand of the markers and crayons?

Back

The supply of markers and crayons is low and the demand is high.

Front

How will the shortage of markers and crayons affect their price?

Back

The price of the markers and crayons will increase.

Front

What is competition?

Back

Competition is when businesses sell the same good or service.

Front

What is the example of making a choice between visiting the penguin exhibit and the elephant exhibit?

Back

opportunity cost

Front

Which correctly describes the supply and demand of the winter coats?

Back

The supply of winter coats is high and the demand is low.

Front

How will the leftover winter coats affect their price in April? Options: The price of the winter coats will increase., The price of the winter coats will decrease., The price of the winter coats will stay the same.

Back

The price of the winter coats will decrease.