A market supply schedule is a chart that list how much of a good
all suppliers will offer at different prices.
🔄 Click to see term
Term1/21
What are the leading economic indicators supposed to predict
🔄 Click to see definition
Definition1/21
business cycles
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Term1/21
What do sellers do if they expect the price of goods they have for sale to increase dramatically in the near future
🔄 Click to see definition
Definition1/21
Store the goods until the price rises and then try to sell
them.
🔄 Click to see term
Term1/21
How do falling prices affect supply
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Definition1/21
The quantity demanded rises.
Explanation: The lower a prize becomes the more people will want to buy that certain good no matter what the good may be. Falling prices discourage suppliers because of dwindling profits and when suppliers shy away, shortage arises as well.
🔄 Click to see term
Term1/21
Does GDP include the money made by selling natural resources like oil and ores
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Definition1/21
Yes, but the exact way you would count that money depends on the
method of GDP calculation that you use.
What happens when the supply of a nonperishable good is greater than the consumer wants to buy
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Definition1/21
Either the price drops until the consumers are prepared to buy
more, or supplier are left holding surplus stocks until replacement
purchases clear these inventories.
No manufactured good is truly non-perishable, and so will
eventually require replacement.
🔄 Click to see term
Term1/21
How would a new excise tax effect the supply curve
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Definition1/21
It would probably cause the supply curve upwards and shift to
the left.
🔄 Click to see term
Term1/21
What is an example that displays the law of supply
🔄 Click to see definition
Definition1/21
An example of the Law of Supply is:
The price of an object increased, so the quantity supplied of
that object also increased.
🔄 Click to see term
Term1/21
Six bakers can bake six cakes in 6 hours how many cakes can twelve bakers bake in twelve hours
🔄 Click to see definition
Definition1/21
At that rate, each baker is baking 1 cake per hour. So the 12
bakers then can make 12 cakes.
🔄 Click to see term
Term1/21
What will always cause a supply curve to shift to the left
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Definition1/21
advaces in tec
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Term1/21
Suppose the elasticity of demand for cereal is 1 if cereal increases in price by 25 percent how much will the quantity demanded decreased by
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Definition1/21
25 percent
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Term1/21
What is an exception to the general idea that markets lead to an efficient allocation of resources
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Definition1/21
Imperfect Compitition
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Term1/21
Which is not a result of regulation or government intervention in a market
🔄 Click to see definition
Definition1/21
lowering the costs of production of a good (novanet)
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Term1/21
Which item would probably have inelastic demand for a student
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Definition1/21
School Buss Pass
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Term1/21
What does new technology generally do to production
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Definition1/21
It lowers cost and increases supply.
🔄 Click to see term
Term1/21
Why would the supply curve of a dog-walking business be considered elastic
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Definition1/21
Because it can hire workers quickly if the price rises.
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Term1/21
What do economists use to determine if an economy is healthy or if it is in a recession or depression
🔄 Click to see definition
Definition1/21
GDP
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Term1/21
What is GDP expressed in constant or unchanging prices called
🔄 Click to see definition
Definition1/21
real GDP
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Term1/21
When was Advantage Rent a Car created
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Definition1/21
Advantage Rent a Car was created in 1963.
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Term1/21
Which of these is an example of depreciation
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Definition1/21
A worker’s truck breaks down more often after 80,000 miles of driving.
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Cards in this guide (21)
What is a market supply schedule
A market supply schedule is a chart that list how much of a good
all suppliers will offer at different prices.
What are the leading economic indicators supposed to predict
business cycles
What do sellers do if they expect the price of goods they have for sale to increase dramatically in the near future
Store the goods until the price rises and then try to sell
them.
How do falling prices affect supply
The quantity demanded rises.
Explanation: The lower a prize becomes the more people will want to buy that certain good no matter what the good may be. Falling prices discourage suppliers because of dwindling profits and when suppliers shy away, shortage arises as well.
Does GDP include the money made by selling natural resources like oil and ores
Yes, but the exact way you would count that money depends on the
method of GDP calculation that you use.
What happens when the supply of a nonperishable good is greater than the consumer wants to buy
Either the price drops until the consumers are prepared to buy
more, or supplier are left holding surplus stocks until replacement
purchases clear these inventories.
No manufactured good is truly non-perishable, and so will
eventually require replacement.
How would a new excise tax effect the supply curve
It would probably cause the supply curve upwards and shift to
the left.
What is an example that displays the law of supply
An example of the Law of Supply is:
The price of an object increased, so the quantity supplied of
that object also increased.
Six bakers can bake six cakes in 6 hours how many cakes can twelve bakers bake in twelve hours
At that rate, each baker is baking 1 cake per hour. So the 12
bakers then can make 12 cakes.
What will always cause a supply curve to shift to the left
advaces in tec
Suppose the elasticity of demand for cereal is 1 if cereal increases in price by 25 percent how much will the quantity demanded decreased by
25 percent
What is an exception to the general idea that markets lead to an efficient allocation of resources
Imperfect Compitition
Which is not a result of regulation or government intervention in a market
lowering the costs of production of a good (novanet)
Which item would probably have inelastic demand for a student
School Buss Pass
What does new technology generally do to production
It lowers cost and increases supply.
Why would the supply curve of a dog-walking business be considered elastic
Because it can hire workers quickly if the price rises.
What do economists use to determine if an economy is healthy or if it is in a recession or depression
GDP
What is GDP expressed in constant or unchanging prices called
real GDP
When was Advantage Rent a Car created
Advantage Rent a Car was created in 1963.
Which of these is an example of depreciation
A worker’s truck breaks down more often after 80,000 miles of driving.
What are the leading economic indicators supposed to predict
In order for a price decrease to increase revenue which of the following must be true A. Demand must be elastic B. Demand must be inelastic. C. Demand must be unit elastic D. Supply must be inelastic
What do sellers do if they expect the price of goods they have for sale to increase dramatically in the near future