#2 Understanding Economic Concepts Flashcard

Front

What is the equilibrium price in a market?

Back

The price at which supply equals demand

Front

Which of the following best describes the law of supply? As price increases, supply decreases, As price decreases, supply increases, As price increases, supply increases, Supply is independent of price

Back

As price increases, supply increases

Front

What is a monopoly in market structure?

Back

A market with one seller and many buyers

Front

Which of the following is a type of business ownership? Monopoly, Partnership, Supply chain, Demand curve

Back

Partnership

Front

What happens to the equilibrium price if demand increases while supply remains constant?

Back

The equilibrium price increases

Front

Which of the following is NOT a factor that affects supply? Production costs, Technology, Number of sellers

Back

Consumer preferences

Front

What is the primary characteristic of a free enterprise system?

Back

Private ownership of businesses

Front

In the context of global economy, what does "global interdependence" mean?

Back

Countries rely on each other for goods and services

Front

What is the effect of technology on jobs in the global economy?

Back

It creates new job opportunities

Front

Which of the following is an example of a market structure? Circular flow, Monopoly, Global trade, Interest rates

Back

Monopoly