ECON PFLE First Six Weeks Review 2023-24

Unlimited wants and needs with a limited number of resources if called what?

• Scarcity

• Opportunity Cost

• Law of Supply

• Equilibrium

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• Scarcity

• Opportunity Cost

• Law of Demand

• Equilibrium

The process of determining the advantages and disadvantages in arriving at a decision

• Cost benefit analysis

• Law of Demand

• Law of Supply

• Equilibrium

A production possibilities curve is used to show what?

• The available resources needed to make products

• Efficiency

• Underutilization

• Law of Demand

What are three possible results on a PPC graph?

• Efficiency, Underutilization, and Impossible

• It shows the relationship between employers, employees, and government

• states that at a higher price, consumers will demand a lower quantity of a good.

• the quantity of goods or services that suppliers are willing and able to provide to customers

What does a Circular Flow Model show?

• states that at a higher price, consumers will demand a lower quantity of a good

• the quantity of goods or services that suppliers are willing and able to provide to customers

• the state in which market supply and demand balance each other, and as a result prices become stable

• It shows the relationship between employers,employees, and government

States that at a higher price, consumers will demand a lower quantity of a good.

• Law of Demand

• Law of Supply

• Equilibrium

• Circular Flow Model

Defined as the quantity of goods or services that suppliers are willing and able to provide to customers.

• Circular Flow Model

• Law of Supply

• Law of Demand

• Equilibrium

The state in which market supply and demand balance each other, and as a result prices become stable.

• Circular Flow Model

• Law of Demand

• Equilibrium

• Law of Supply

A Demand curve is

• a graph, indicating the quantity demanded by the consumer at different prices

• what happens if there is a change in preference

• two competing products goods that can replace each other

• Compliment goods