
Unit 2: Understanding Markets Test
Flashcard
•
Social Studies
•
9th Grade
•
Practice Problem
•
Easy
Valerie Tomich
Used 1+ times
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34 questions
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1.
FLASHCARD QUESTION
Front
A factor other than price that affects demand:
Back
Determinant of demand
2.
FLASHCARD QUESTION
Front
A product used instead of another when prices rise:
Back
Substitute good
3.
FLASHCARD QUESTION
Front
When a small price change causes a big change in quantity demanded:
Back
Elastic demand
4.
FLASHCARD QUESTION
Front
Consumer payment to government to fund public services:
Back
Tax
5.
FLASHCARD QUESTION
Front
Government payment to businesses to encourage production:
Back
Subsidy
6.
FLASHCARD QUESTION
Front
Additional output from adding one more unit of input:
Back
Marginal product
7.
FLASHCARD QUESTION
Front
Costs that do not change with production level:
Back
Fixed costs
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