Economics

Question 1

Relationship between price and quantity, how much people will pay for a product

Answer 1

Demand

Question 2

Relationship btwn price and how much product is offered to the market

Answer 2

Supply relationship

Question 3

Price set too low and many people want the product, not enough supply =

Ex: government ban, price ceiling imposed, suppliers do not raise prices

Answer 3

Excess demand

Question 4

Price too high, less purchasing =

Ex: price changes, including alternative goods

Answer 4

Excess supply

Question 5

Insufficient supply to meet demand

Answer 5

Scarcity

Question 6

_ regulation

Prevents monopolies
Antitrust law
Ensure fair competition

Answer 6

Economic regulations

Question 7

_ regulation

Ensure business behave responsibly
Prohibit harmful behavior
OSHA

Answer 7

Social regulation

Question 8

Medicare and social security funded by

Answer 8

Payroll taxes

Question 9

Demand curve shift (3)

Answer 9

Change in income
Price of related goods
Consumer tastes

Question 10

_ permit students to draw conclusions based on their interpretation of these sources

Answer 10

Primary sources

Question 11

_ provide different perspectives, easier to understand

Expert conclusions

Answer 11

Secondary sources

Question 12

_ is anything that can take on a different value

Ex: age, place of origin

Answer 12

Variable

Question 13

Manipulated or controlled by the researcher**NOT changed by any other factor

Answer 13

Independent variable 9

Question 14

Rely on independent variable, may be changed by other factors

Answer 14

Dependent variable