Unit 1&2 Quiz Economics E.01-15

The study of how scarce resources are allocated.

• Economics

• Demand

• Supply

• Resources

Inputs used to produce goods and services.

• Economics

• Demand

• Supply

• Resources

The quantity of a good that consumers are willing to buy.

• Economics

• Demand

• Supply

• Resources

The quantity of a good that producers are able to sell.

• Economics

• Demand

• Supply

• Resources

"All things being equal"

• Caveat Emptor

• Ceteris Paribus

• Sine Qua Non

• Dictum Meum Pactum

When the quantity demanded equals the quantity supplied.

• The Federal Reserve

• Shortage

• Market equilibrium

• Surplus

Where the demand and supply curves intersect.

• The Federal Reserve

• Shortage

• Market equilibrium

• Surplus

when demand exceeds supply

• The Federal Reserve

• Shortage

• Market equilibrium

• Surplus

when supply exceeds demand

• The Federal Reserve

• Shortage

• Market equilibrium

• Surplus

America's Central Bank

• The Federal Reserve

• Shortage

• Market equilibrium

• Surplus