Surpluses are excess amounts of goods or resources.

Shortages are an insufficient supply of a particular item or resource.

Price refers to the amount of money or value that is assigned to a product or service.

Demand is the quantity of a product or service that consumers are willing and able to purchase at a given price and time.

The total amount of a specific good or service available to consumers.

What is a demand shifter?

A demand shifter is a factor that causes a change in the demand for a product or service.

What effects supply? Options: The price of coffee, the number of stars in the sky, and the temperature of the ocean., Production costs, technology, government policies, natural disasters, and changes in the prices of related goods., The phase of the moon, the color of the sky, and the number of birds in the area., Weather patterns, consumer preferences, and social media trends.

Production costs, technology, government policies, natural disasters, and changes in the prices of related goods.

What is The Law of Supply?

The Law of Supply states that as the price of a good or service increases, the quantity supplied by producers also increases, and vice versa.

What are Supply shifters?

Factors that cause a change in the overall supply of a product or service.

What is an example of a supply shifter?

Change in technology or production costs

What are Complementary goods?

Complementary goods are products that are used together or are consumed together.

What is Price elasticity?

Price elasticity is a measure of the responsiveness of the quantity demanded or supplied of a good to a change in its price.

What are Elastic goods?

Elastic goods are products or services that have a high degree of price elasticity.

What are Inelastic goods?

Inelastic goods are products or services that have a relatively small change in demand when there is a change in price.

What is Elasticity of supply?

Elasticity of supply is a measure of how responsive the quantity supplied of a good or service is to a change in its price.

What are Price ceilings?

Government-imposed limits on the maximum price that can be charged for a particular good or service.

What are Price floors?

Price floors are government-imposed minimum prices set above the equilibrium price in a market to prevent prices from falling below a certain level.

Wages are monetary compensation paid by an employer to an employee in exchange for work done.

What are Skilled workers?

Skilled workers are individuals who have specialized knowledge, training, or expertise in a particular field or occupation.

What are Unskilled workers?

Workers who do not possess any specialized skills or training for a particular job.

What is Derived demand?

Derived demand is the demand for a product or service that is derived from the demand for another product or service.

What will happen to the demand of a complementary good if the price of its fellow good were to increase?

The demand for the complementary good will decrease.

What will happen to the demand of a substitute good if the price of its fellow good were to increase?

The demand for the substitute good would increase.

how are wages are determined in a free market economy?

Wages are determined by the interaction of supply and demand for labor in a free market economy.

Why do workers frequently try to get additional training and education?

To improve their skills, increase their knowledge, and enhance their career prospects.

What will generally happen to the wages of workers within an industry if there is a decrease in demand for the good/service they’re providing?

The wages of workers within the industry will generally decrease.

Economics and Personal Finance Flashcard Flashcards

Student preview

35 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What is the term for the price at which the quantity demanded equals the quantity supplied?

Back

Equilibrium price

2.

FLASHCARD QUESTION

Front

What are the factors that determine demand?

Back

Demand shifters, price, supply

3.

FLASHCARD QUESTION

Front

What is the term for goods that can be used as alternatives to each other?

Back

Substitute goods

4.

FLASHCARD QUESTION

Front

What usually results when price ceilings are established?

Back

Shortages

5.

FLASHCARD QUESTION

Front

Why do skilled workers usually make more than unskilled?

Back

Skilled workers have higher demand

6.

FLASHCARD QUESTION

Front

What is The Law of Demand?

Back

The Law of Demand is an economic principle that states that the quantity of a good or service demanded varies inversely with its price.

7.

FLASHCARD QUESTION

Front

What are Factors that determine demand?

Back

Price, income, consumer preferences, population, advertising, and availability of substitutes.

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