
Economics Unit 2
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History
•
10th Grade
•
Easy
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7 questions
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1.
FLASHCARD QUESTION
Front
What is marginal utility? (Chapter 4 Lesson 1)
Back
The additional satisfaction or benefit received from consuming one more unit of a good or service.
2.
FLASHCARD QUESTION
Front
When consumers hear rumors or negative reports about a product's safety, people will buy ____ of the product, which will lead to a _______ in the demand and price.
Back
less decrease
3.
FLASHCARD QUESTION
Front
The demand curve is downward-sloping because:
Back
it reflects the inverse relationship between price and quantity demanded.
4.
FLASHCARD QUESTION
Front
The main thing to remember is that all normal supply curves have a ________ _______, which means that it goes up when you read the diagram from left to right. This shows that if the ______ goes up, the quantity supplied will go up too.
Back
positive slope price
5.
FLASHCARD QUESTION
Front
Without prices, another system must be used to decide who gets what. One method is ________ a system under which government decides everyone’s “fair” share. (Chapter 6 Lesson 1)
Back
rationing
6.
FLASHCARD QUESTION
Front
Using the previous question's answer what challenges would exist with the new price system: ________, ________, ________, and ________. (Chapter 6 Lesson 1)
Back
perceived fairness, administrative expense, distorted incentives, abuse and misuse
7.
FLASHCARD QUESTION
Front
A _________ occurs when the quantity supplied is greater than the quantity demanded at a given price. A _________ is a situation where the quantity demanded is greater than the quantity supplied at a given price.
Back
surplus shortage
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