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WorksheetsUnit 1&2 Quiz Economics E.01-15
Total questions: 25
Worksheet time: 50mins
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
A maximum price set by the government.
Price Ceiling
Price Floor
Disequilibrium
Equilibrium
A minimum price set by the government.
Price Ceiling
Price Floor
Disequilibrium
Equilibrium
When the market price is either too high or too low.
Price Ceiling
Price Floor
Disequilibrium
Equilibrium
A Drought
Elastic Demand
Inelastic Supply
Demand Shock
Supply Shock
A brand new hot fad.
Elastic Demand
Inelastic Supply
Demand Shock
Supply Shock
Housing
Elastic Demand
Inelastic Supply
Demand Shock
Supply Shock
Fast Food
Elastic Demand
Inelastic Supply
Demand Shock
Supply Shock
Father of Capitalism
Adam Smith
Karl Marx
Command Economy
Invisible Hand
North Korea
Adam Smith
Karl Marx
Command Economy
Invisible Hand
Shoppers and Producers acting in their own self-interest.
Adam Smith
Karl Marx
Command Economy
Invisible Hand
Class Struggle
Adam Smith
Karl Marx
Command Economy
Invisible Hand
the direct exchange of goods and services
Barter
Money
Inferior Good
Normal Good
Used Car
Barter
Money
Inferior Good
Normal Good
Portable and Durable
Barter
Money
Inferior Good
Normal Good
Luxury Yacht
Barter
Money
Inferior Good
Normal Good
