Economics Week 2
A peek into the world of economics.
Made by @Luigi327
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1: What does microeconomics mean?
25s
The study of economic activity.
The study of an individual's choices
I don't know, what does it mean?
The study of any spending that is valued at less than $52.8.
2: Microeconomics
7s
3: Which of the following describes something that is in excess of what would be required?
25s
Macy's
Shortage
Surplus
Balloon
4: Surplus
7s
5: Which choice best describes a shortage?
25s
Having more more items than you need, but no customers.
Having less goods available than what the market demands.
Being in a state of economical equilibrium.
The state of missing one of the major production possibilities.
6: Shortage
7s
7: What are the factors that influence the quantity of products that customers will be willing to purchase at a given price.
20s
Determinants of Demand
Determinants of Supply
Determinants of Production
Determinants of Demand
8: Determinants of Demand
7s
9: What happens when a product is a complementary good?
20s
It loses it's value when it's demand increases.
It gains an increased value when it's demand increases.
It gains an increased value when it's demand decreases.
It loses it's value when it's demand decreases.
10: Complimentary Goods
7s
11: What is specialization?
30s
A system where a buisness, individual, or country focus on a small set of goods to gain efficiency.
The act of a country focussing on a single, specific good or service.
The act of a country branching out to focus on multiple, highly specific, items to produce.
A system of economic phylosophy where people only work on that which they are quickest at, even if they are not necessarily the best at it.
12: Specialization
7s
13: What term is used to describe the demand for a given product and who the consumer is for said product?
25s
Market Equilibrium Quantity
Market Demand
Market Need Analysis
Necessary Quantity Recap
14: Market Demand
7s
15: If something is inelastic, it is _________ to fluctuations in demand and price.
28s
Insensitive
inflexible
unbending
uninfluenced
16: Inelastic
120s
17: When something is elastic, it is _______ by changes in price and demand
28s
Influenced
Sensitive
changed
altered
18: Elastic
7s
19: What is the division of labor?
25s
The joining of tasks so that a country can specialize on a single product.
The deciding factors that influence whether or not a product can be manufactured with existing labor.
The separation of tasks in an economy so that specialization can occur.
A common division problem given to collegiate students.
20: Division of Labor
7s
21: What term describes the act of having something available?
25s
Demand
Summon
Release
Supply
22: Supply
7s
23: What is demand in the realm of economics?
25s
The ratio of wants to price.
The measurement of desire for a product
The secondary measurement of how well a product performs against another.
The saying of giving someone a gift.
24: Demand
7s
25: Define a supply curve.
25s
A curve that shows how changing the price of a good or service affects the supply of said product.
A curve showing the link between supply and demand.
This one's the correct answer.
The perfect equilibrium between quantity and price.
26: Supply Curve
7s
27: Now, what is a demand curve?
25s
A graph showing how the price of a product affects the demand of said product.
A graph that shows that as price increase, so does the quantity of products.
28: Demand Curve
7s
29: What is a single proprietorship?
25s
An unincorporated business run by a single person.
An incorporated business run by a single person.
30: Single Proprietorship
7s
31: What is the relationship between two or more people who own a business called?
25s
Partnership
Joint Corperation
32: Partnership
7s
33: What is a corporation?
25s
An LLC owned by multiple people but is still legally recognized as an LLC.
A group of people or person that is legally recognized as a separate entity
34: Corporation
7s
35: What is it called, when the supply of goods and services match the demand.
25s
Market Equilibrium Price
Market Equality Level
36: Market Equilibrium Price
7s
37: What is a substitute good?
25s
Two goods that can be used for the same purpose.
A fake good used when no alternative is available.
38: Substitute Good
7s
39: What is a normal good?
25s
A good that experiences a natural common increase in demand due to an increase in consumer's income levels.
A good that is considered to be of a standard level of quality
40: Normal Good
7s
41: What is the principle that states that an increase in price causes an increase in quantity?
25s
Law of Determination
Law of Supply
42: Law of Supply
7s
43: What is the law that states that when a price increases, the demand decreases and vice versa.
25s
Law of Markets
Law of Demand
44: Law of Demand
7s