epf unit 1 test Flashcards
what happned to the qaunity demanded relative to Q1
it decreased
a compnay decids to install more machines and lay off workers which ecnmoic question is being directly addresed
how to produce
office supplies
cel phone
esstinal oils
jelly beans
good
teaching in a classroom
oil change for your car
service
miss miller is a nurse
labor
relationship btwn producers and cosumers in a market ecnmoy
producers decide what to produce based on consumer demand for those products
why is monthly rent a fixed cost for a business owner who makes a product to sell
the monthly can be expcted to stay the same term of the lease
according to the law of demand decrease in price
does not shift the demand curve results I an movrmnet along the demand curve to the left
a person opened a esty shop
entership
graph for ceral market
a push to eat more whole grains has consumers extcied to eat more ceral
graph of sunglasses market
it decreased
the basic ecnmoic probelm all indviauls, buinees, gov must solve
satifying unlimted wants with limited resources
an increase in the price of yellow paint
cause the suppky curve for penicls to shift to left
which of these if encourged by the gov in a command ecmony
national production goals
toilt paper
shortage, less
type of graph helps buiness see efficnay
production pssibiltes curve
combining two firms such as coke
horizantal
no gov has assets to supply
make choices amoung goods and servcies cutrlty on the market
socilsit handle water shortage
distrubte water evely to all people
thinking on a margin
cost befit anylsis
market and giv play roles in prodction
mixed ecnmoy
befit to employers for provding edcuation and training
production capticty of workers will imporvemarket
ecnmoic system price of a good supply increases
the price typically decreases
minium pirce of soda is $3
there is a surplus of soda
cause a decrease in the market
title 4
law of supply sellers will be more likely to inc there qauinty when
the sellin price inc
charcteristc of theroical caplist system
indv have pri ownership of prpty
larg inc on luxry car
us cousmers would buy domestic or eupron cars
not a factor of elstic goods
adversting
sports cars
personal computers
cell phone
want
shelter
water
need
true in nations with a market ecomy
buiness that are ineeficent risk going out of buiness
market for cheese and milk
price of cheese decreases and the qaunty of cheese at eqailbrm increases since milk is an ingrent in cheese
human captial
a auto mechnic ateends a workshop
phycial captial
automechnic buys a new wrench
why woudl a nation aopt command ecnmoy during war
focous on esttional indistyies
a makret producers create identaical products such as strawberrys
perfect competion
