Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
11 Cards in this Set
- Front
- Back
|
Supply Curve
|
|
|
|
Supply Definition
|
The quantity of a good or service that producers are WILLING and ABLE to sell at a given price over a specified period of time.
|
|
|
Supply Determinants
|
- The price of the good or service.
- |
|
|
Demand Curve
|
|
|
|
Demand Definition
|
The quantity of a good or service that consumers are WILLING and ABLE to purchase at a given price over a specified period of time.
|
|
|
Demand Determinants
|
- Price of a good or service
- Prices of substitutes - Prices of complements - Disposable income & Wealth - Taste & Fashion |
|
|
Economics Definition
|
The study of how to allocate scarce resources in the most effective way.
|
|
|
Economics Definition
|
The study of how to allocate scarce resources in the most effective way.
|
|
|
Production Possibility Curve (PPC) Definition
|
A PPC shows the maximum possible output combinations of two goods and services that can be produce with all resources fully employed.
|
|
|
The Basic Economic Problem
|
The need to make choices on how to allocate limited/finite resources between unlimited/infinite and competing wants.
|
|
|
PPC (diagram)
|
|
