Econ Unit 3 PT Flashcards
According to the law of demand, __________
the demand for a product will increase when price decreases
T or F The law of supply says that if the price of a good increases, so will the supply of the good.
True
T or F The Trend of Utility to Decrease as consumption Increases is know as Diminishing Marginal Utility.
True
__________ Is measured by dividing the total products produced by the number of workers
Productivity
The minimum profit matching what could be gained by doing something else is __________ profit.
normal
When a business decides on a course of action, __________ is/are what is given up.
opportunity/cost
The point of balance between quantity demanded and quantity supplied is the __________ price.
equilibrium
____________ is the loss of the capital due to wear and tear.
Depreciation
A good that can be used in place of another is a __________ good.
substitute
The amount of a good or service that Consumers are willing and able to purchase is __________.
Demand
Market shortages are created when a government enforces a Price __________.
Ceiling
A business owner orders supplies in February in the __________ that there will be demand for snow cones that summer.
expectation
__________ is the extent to which Consumers receive value or benefit from a purchase
Utility
A __________ results when Supply exceeds demand in a market
Surplus
The amount of a good or service that Producers are willing and able to provide to consumers is __________
Supply
