What is the production possibilities curve?

a graph that shows how much an economy can produce between 2 goods

What determinant of demand is indicated by the shift from buying Oreo cookies to Chips Ahoy ?

Change in Price of Substitute Good

What determinant of demand is suggested by the statement: "I know that the iPhone 8 is coming out next year but really need a phone badly. I'm thinking about buying an iPhone 7 when the new iPhone comes to the market because it will be much cheaper than today's price."

Change in Consumer Price Expectations

When burger prices go down, this means you can buy more fries and a drink. What demand factor does this relate to?

Change in Price of Complementary Good

Porterville, California is now a major immigration center for Russians. Over 10,000 Russians are living in Porterville now! What demand does this determine?

Change in Number of Consumers in the Market

I foresee gas prices rising tremendously in the next summer. I as a gas supplier, want to cut my supply now so gas prices continue to rise. What supply factor does this best relate to?

Change in Producers' Price Expectations

A surplus occurs when

the quantity supplied exceeds the quantity demanded

Supply of a good increases will result in

Fall in equilibrium price and Rise in equilibrium quantity

When demand increases and supply decreases simultaneously,

equilibrium price will rise while equilibrium quantity is uncertain

ECONOMICS Flashcards

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112 questions

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1.

FLASHCARD QUESTION

Front

What is opportunity cost?

Back

what you give up to make a choice

2.

FLASHCARD QUESTION

Front

What is scarcity?

Back

Not having enough resources

3.

FLASHCARD QUESTION

Front

A garbage truck driver is an example of which Factor of Production?

Back

labor

4.

FLASHCARD QUESTION

Front

Iron, minerals, coal and plants are examples of which productive resource?

Back

land

5.

FLASHCARD QUESTION

Front

Which factor of production would you consider a lawn mower? Options: Land, Labor, Capital, Entrepreneur

Back

Capital

6.

FLASHCARD QUESTION

Front

The people who decide to buy.

Back

Consumers

7.

FLASHCARD QUESTION

Front

Our desires for goods and services are unlimited

Back

true

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