Econ Final Review 23 24

Front

Of what is economics the study?

Back

Choices people make to satisfy their wants & needs

Front

The hidden costs (and benefits) not included in the price of a good or service is known as:

Back

Externalities

Front

Limited resources + unlimited wants

Back

Scarcity

Front

The next best thing you could have made or purchased instead?

Back

Opportunity costs

Front

Law of Supply: As prices increase, quantity supplied...

Back

Increases

Front

Law of Demand: As prices increase, quantity demanded...

Back

Decreases

Front

When quantity supplied is greater than the quantity demanded at a given price is...

Back

Surplus

Front

When quantity demanded is greater than quantity supplied at a given price is...

Back

shortage

Front

If the price of milk shakes is $3, how many will consumers demand?

Back

10

Front

If the price of milk shakes is $3, how many will producers supply?

Back

20