economics review

economic is the study of...

• how a command economy interacts with the market economy

• how people spend their money in the a command economy

• how the market economy interacts with consumers

• how people, businesses, and countries manage and behave with their money

scarcity is the concept that states...

• people have unlimited resources and unlimited wants and needs

• people have unlimited wants and needs and limited resources to meet them

• People have unlimited resources and limited wants and needs

• People have unlimited wants and needs and unlimited resources to meet them

Opportunity Cost is…

• What you give up when you need something

• What you give up when you need something

• What you get when you buy something

• What you get when you order something over the internet.

A surplus occurs when…

• Change in the amount of product supplied

• Change in the amount of product demanded

• More product has been produced than is demanded

• More product is demanded than has been produced

A shortage occurs when…

• Change in the amount of product supplied

• Change in the amount of product demanded

• More product has been produced than is demanded

• More product is demanded than has been produced

When the price of an item goes down, the demand for it goes up.

• law of supply

• supply

• law of demand

• demand

When the selling price of an item rises, more people will produce the item

• supply

• law of supply

• demand

• law of demand

what is Equilibrium...

• When price matches demand

• When price matches supply

• When the supply matches the demand

• When the demand is higher than the price

supply

• The goods or services that a producer desires

• The products or services people desire

• The goods or services that a producer provides

Demand

• The products or services people sell

• The products or services people desire

• The goods or services that a producer provides