Chap 2 Flashcards
1
Q
Resources
A
Land, Labour, Capital
2
Q
Movement along the curve
A
Depicts a change in price, Depicted as a movement along the curve
3
Q
Shift of the curve
A
depicts a change in something other than price
4
Q
Price high
A
buy less
5
Q
Price low
A
buy more
6
Q
What is a market
A
describes the interaction of buyers and sellers for the purpose of making an exchange of goods or services and establishing a price for them.
7
Q
Demand sets the
A
price
8
Q
The economy is guided by
A
the invisible hand
