epf unit 1 test Flashcards

1
Q

what happned to the qaunity demanded relative to Q1

A

it decreased

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2
Q

a compnay decids to install more machines and lay off workers which ecnmoic question is being directly addresed

A

how to produce

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3
Q

office supplies
cel phone
esstinal oils
jelly beans

A

good

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4
Q

teaching in a classroom
oil change for your car

A

service

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5
Q

miss miller is a nurse

A

labor

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6
Q

relationship btwn producers and cosumers in a market ecnmoy

A

producers decide what to produce based on consumer demand for those products

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7
Q

why is monthly rent a fixed cost for a business owner who makes a product to sell

A

the monthly can be expcted to stay the same term of the lease

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8
Q

according to the law of demand decrease in price

A

does not shift the demand curve results I an movrmnet along the demand curve to the left

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9
Q

a person opened a esty shop

A

entership

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10
Q

graph for ceral market

A

a push to eat more whole grains has consumers extcied to eat more ceral

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11
Q

graph of sunglasses market

A

it decreased

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12
Q

the basic ecnmoic probelm all indviauls, buinees, gov must solve

A

satifying unlimted wants with limited resources

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13
Q

an increase in the price of yellow paint

A

cause the suppky curve for penicls to shift to left

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14
Q

which of these if encourged by the gov in a command ecmony

A

national production goals

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15
Q

toilt paper

A

shortage, less

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16
Q

type of graph helps buiness see efficnay

A

production pssibiltes curve

17
Q

combining two firms such as coke

A

horizantal

18
Q

no gov has assets to supply

A

make choices amoung goods and servcies cutrlty on the market

19
Q

socilsit handle water shortage

A

distrubte water evely to all people

20
Q

thinking on a margin

A

cost befit anylsis

21
Q

market and giv play roles in prodction

A

mixed ecnmoy

22
Q

befit to employers for provding edcuation and training

A

production capticty of workers will imporvemarket

23
Q

ecnmoic system price of a good supply increases

A

the price typically decreases

24
Q

minium pirce of soda is $3

A

there is a surplus of soda

25
cause a decrease in the market
title 4
26
law of supply sellers will be more likely to inc there qauinty when
the sellin price inc
27
charcteristc of theroical caplist system
indv have pri ownership of prpty
28
larg inc on luxry car
us cousmers would buy domestic or eupron cars
29
not a factor of elstic goods
adversting
30
sports cars personal computers cell phone
want
31
shelter water
need
32
true in nations with a market ecomy
buiness that are ineeficent risk going out of buiness
33
market for cheese and milk
price of cheese decreases and the qaunty of cheese at eqailbrm increases since milk is an ingrent in cheese
34
human captial
a auto mechnic ateends a workshop
35
phycial captial
automechnic buys a new wrench
36
why woudl a nation aopt command ecnmoy during war
focous on esttional indistyies
37
a makret producers create identaical products such as strawberrys
perfect competion