What is Economics?
What is the difference between micro and macro?
What are the two big economic questions?
What are goods and services?
What are the types of goods and services?
What are the factors of production?
What is self-interest?
What is social-interest?
When are we efficient?
What is equity?
What current topics illustrate self-interest and social interest?
A choice is always a _____
_____ is what you gain
_____ is what you must give up to get something
What is considered a rational choice
What is marginal benefit?
What is marginal cost?
What is a positive statement?
What is a normative statement?
What is an economic model?
What is the production possibilities frontier?
On the PPF, where is attainable, efficient, inefficient?
What is production efficiency?
Why is the PPF curved?
The more we have of a good the ______ the marginal benefit?
What is the optimum point of produciton
What causes economical growth?
What is the cost of economic growth?
What is a comparative advantage?
What is the absolute advantage?
What are markets?
What is a competitive market?
What is the money price?
What is the relative price?
What is the difference between quantity demanded and demand?
What is the Law of Demand?
What influences a change in quantity demanded?
What is substitution effect?
What is income effect?
What is willingness to pay?
When there is a change in demand what happens to the curve?
What are the six main factors that change demand?
In terms of related goods, what causes demand to increase?
If the price of a good is expected to rise in the future, current demand will ______?
When income increases, a normal good will ______ and an inferior good will ______?
When income is expected to increases in the future, the demand will _____?
The larger the population, the _____ the demand?
If a preference increases, the demand will _______?
What is the Law of Supply?
Producers will only produce a good if they can produce _____ or ____ than the MC
What are the six main factors that change supply?
If the price of oil increases the production will ______?
If the production of a substitute decreases, supply will _____?
Compliments must be produced _____?
If the price of a good is expected to rise in the future, supply of the good today ______ and the supply shifts to the ______?
The larger the number of suppliers, the _______ the supply?
An increase in technology causes a _____ in supply?
If a natural disaster occurs, the supply will ______?
What is the difference between a change in supply and a change in quantity supplied?
When does equilibrium price occur?
Price regulates ____ and ____ plans.
This is an example of a _____?
What is a shortage?
A surplus forces the price to go _____, whereas a shortage forces the price to go _____.
If supply increases and decrease decrease, the equilibrium price will _____?
If demand increases and supply decreases, the equilibrium price will ____?
If supply decreases and demand decreases, the quantity will _____?
If demand increases and supply increases, the quantity will _____?
Responsiveness = ______?
How much does QD change when a price changes?
What is price elasticity of demand?
What is the formula for QD elasticity?
Why is price elasticity of demand always negative?
It is the ______ or ______ that reveals how responsive the quantity change has been to a price change.
What is an example of something that is perfectly inelastic?
What type of elasticity is this?
When buyers have a large choice of options what type of elasticity is shown?
What is unit elastic?
When % Change Qty is greater than % change in Price.
When % Change Price is greater than % change in Qty.
What are the three factors that influence elasticity of demand?
The closer the substitutes for a good/service, the ____ elastic is the demand for the good/service.
Necessities such as food or housing generally have ______ demand.
The greater the proportion of income consumers spend on a good, the ______ is the elasticity of demand for that good.
The more time consumers have to adjust to a price change, the ____ elastic is the demand for that good.
At which point on the curve is the demand unit elastic?
All prices above the mid-point are _____ and all prices below the mid-point are _____.
What is the elasticity of supply?
What is the formula for elasticity of supply?
When the supply is linear and passes through the origin the elasticity is _______?
What are the two factors that influence the elasticity of supply?
The easier it is to substitute among other resources used to produce a G/S, the _____ is its elasticity of supply.
The more time that passes after a price change, the _____ is the elasticity of supply.
What is momentary supply?
Short-run supply is ______ elastic.
Long-run supply is _____ elastic