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Science 8th Grade > Civics - Supply & Demand > Flashcards

Civics - Supply & Demand Flashcards

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1
Q

A thing to motivate or encourage

A

Incentive

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2
Q

How do ____ and ____ determine ____ in a market economy?

A

– Supply
- Demand
- Prices

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3
Q

The amount of a good or service that consumers are willing and able to buy at different prices during a given time period

A

Demand

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4
Q

A demand in the amount of a good or service that consumers are willing and able to ____ at different prices during a given time period

A

Buy

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5
Q

Higher prices for a good or service provide incentives for BUYERS to purchase ____ of that good or service

A

Less

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6
Q

____ prices for a good or service provide incentives for BUYERS to purchase less of that good or service

A

Higher

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7
Q

Lower prices for a good or service provide incentives for BUYERS to purchase ____ of that good or service

A

More

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8
Q

____ prices for a good or service provide incentives for BUYERS to purchase more of that good or service

A

Lower

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9
Q

What is the law of demand?

A

Consumers will buy more of a good or service at lower prices
Consumers will buy less at higher prices

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10
Q

The law of demand says consumers will buy more or a good or service at ___ prices

A

Lower

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11
Q

The law of demand says consumers will buy ____ or a good or service at lower prices

A

More

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12
Q

The law of demand says consumers will buy less or a good or service at ___ prices

A

Higher

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13
Q

The law of demand says consumers will buy ____ or a good or service at higher prices

A

Less

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14
Q

What is the amount of a good or service that producers are willing and able to offer for sale at each possible price during a given period of time?

A

Supply

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15
Q

Supply is the amount of a good or service that producers are willing and able to offer for ____ at each possible price during a given period of time?

A

Sale

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16
Q

____ prices for a good or service provide incentives for PRODUCERS to make or more more of that good or service

A

Higher

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17
Q

____ prices for a good or service provide incentives for PRODUCERS to make or sell less of that good or service

A

Lower

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18
Q

The law of supply states what 2 things?

A
  • Producers will produce more when they can sell at a higher price
  • Producers will produce less when they can sell at a lower price
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19
Q

The law of supply states the produces will produce more when they can sell at a ____ price.

A

Higher

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20
Q

The law of supply states the produces will produce less when they can sell at a ____ price.

A

Lower

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21
Q

Price is determined by the interaction of ____ and ____

A

Supply
Demand

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22
Q

Price is the amount of ____ exchanged for a good or servcie

A

money

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23
Q

Neither ____ or ____ ALONE can set the price of something

A

Supply
Demand

24
Q

The equilibirum price is the point where ____ and ____ meet

A

-Supply
- Demand

25
Q

At the equilibrium price everyone who wants to ____ at that price can sell

A

Sell

26
Q

At the equilibrium price everyone who wants to ____ at that price can buy

A

Buy

27
Q

Both ____ and ____ respond to price changes

A

Buyers
Sellers

28
Q

When ____ change:
- Buyers change the quantity they are willing and able to ___
- Sellers change the quantity they are willing and able to ____ ____ ____

A

Prices
Buy
Bring to Market

29
Q

A form of business organization with one owner who takes all the risks and the profits

A

Proprietorship

30
Q

A proprietorship is a form of business organization with ____ owner who takes ___ the ___ and all the ____

A
  • One
  • All
  • Risks
  • Profits
31
Q

The most common type of business

A

Proprietorship

32
Q

A form of business organization with two or more owners. They share the risks and profits.

A

Partnership

33
Q

A partnership is a form of business organization with ____ or ____ owners. They ____ the risks and profits.

A
  • Two
  • More
  • Share
34
Q

A form of business organization that is authorized by law to act as a legal entity regardless of the number of owners.Owners share the profits. Owner liability is limited to the amount of investment

A

Corporation

35
Q

There are ____ basic ways that businesses organize to earn ____

A
  • Three
  • Profits
36
Q

A person who takes risks to produce and sell goods and services in search of profits

A

Entrepreneur

37
Q

An entrepreneur may establish a ____ according to any of the ___ types of organizational structures.

A
  • Business
  • Three
38
Q

An entrepreneur fosters ____ progress and economic growth (They are good for our economy)

A
  • Technological
39
Q

____ play an important role in all ____ types of business organizations

A
  • Entrepreneurs
  • three
40
Q

An entrepreneur is a person who takes ____ to produce and ___ goods and services in search of ____.

A
  • Risks
  • Sell
  • Profit
41
Q

Anything produced in an economy that is used to produce other goods and servcies

A

Capital

42
Q

Money coming in

A

Revenue

43
Q

The ____ flow diagram is a way of visualizing and categorizing activity within an economy

A

Circular

44
Q

Individuals (households) do 3 things
- Own the ____ (Skills/knowledge) used in production
- sell the ____
- Use their ___ to purchase products

A
  • Resources
  • Resources
  • Income
45
Q

Governments use the ____ revenue from households and business to provide public goods and services

A

Tax

46
Q

What are examples of public goods and services provided by the Government based on the taxes the Government collects?

A
  • Interstate
  • highways
  • public schools
  • national defense
47
Q

Business (Producers) do the following
- Buy ____
- Make ____ that are sold to individuals other than businesses and the government
- use the ____ to buy more resources

A
  • Resources
  • Products
  • Profits
48
Q

____, ____ and ___ flow in one direction (opposite to money).

A
  • Good
  • Services
  • Resources
49
Q

____ flows in the direction opposite to goods services and resources

A

Money

50
Q

Resources, goods and services and money flow ____ among household, businesses and markets in the US economy

A

Continuously

51
Q

Banks and other places that act as intermediaries between savers and borrowers

A

Private Financial Institutions (PFI)

52
Q

The amount of money or a valuable item that is paid into or left in a bank or other institution

A

Deposit

53
Q

Payment for the use of capital (money)

A

Interest

54
Q

Private Financial Institutions include ____ and ____

A
  • Banks
  • Credit Unions
55
Q

Private Financial Institutions receive ____ and make ____

A
  • Deposits
  • Loans
56
Q

Private Financial Institutions help provide financial capital (____) to people/businesses to start or grow ____

A
  • Money
  • Businesses
57
Q

Private Financial Institutions help facilitate an exchange of ____ between ____ and ____.

A
  • Money
  • Savers
  • Borrowers

Science 8th Grade (4 decks)

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