Micro Economics

Front

What is exchanged between the firm/businesses and product resource market?

Back

Products to sell and Revenue

Front

In the circular flow model, the product market describes

Back

stores that sell goods and services to households

Front

The circular flow model of a market economy shows

Back

the interactions between households and firms in the free market

Front

Most American households receive income from selling which productive resource to the factor/resource market?

Back

Labor

Front

At $2 what does this represent?

Back

Equilibrium

Front

Picture Perfect Cameras competes with only a couple of other camera companies. Picture Perfect Cameras has differentiated its cameras and has the ability to raise prices. What type of market structure is this?

Back

Oligopoly

Front

From who's perspective do we view supply?

Back

Producers

Front

Result of demand exceeding supply?

Back

Shortage

Front

Factors other than price that cause a shift in the demand or supply curve

Back

Determinants (Shifters)

Front

Wanting something and having the ability and willingness to buy a good or service

Back

Demand