ECONOMICS Fiscal/Monetary Policy Easy ?s Supply/Demand Terms 1 100 100 100 100 100 100 200 200 200 200 200 200 300 300 300 300 300 300 400 400 400 400 400 400 500 500 500 500 500 500 600 600 600 600 600 600 Mixed Bag Terms 2 Supply/Demand - 100 An increase in Demand would move the demand curve to the ____________ & the price would ______________. Price Quantity Answer Supply/Demand - 200 If scientists discover that swiss cheese leads to clogged arteries, would supply or demand change first? Answer Supply/Demand - 300 A new technique in growing corn has resulted in a 11% larger harvest than any other year of corn production. Would supply or demand be impacted first and which way would the appropriate curve move? Answer Supply/Demand - 400 True or False If supply decreases, the price goes down. Answer Supply/Demand - 500 What scenarios in the supply and demand scheme would bring higher prices? Answer Supply/Demand - 600 At which point will the producer of the product have a surplus? A Price B C Quantity Answer Supply/Demand - 100 Answer Demand curve - to the right The price would increase. Supply/Demand - 200 Answer demand Supply/Demand - 300 Answer Supply and it would move the right Supply/Demand - 400 Answer False Supply/Demand - 500 Answer 1. Increase in Demand 2. Decrease in Supply Supply/Demand - 600 Answer A Terms 1 - 100 _________ occurs whenever we do not have enough resources to produce all the things we would like to have. Answer Terms 1 - 200 _________ _________ are used to try and explain what did or might happen to our economy. Answer Terms 1 - 300 ______________ _____ is the cost of the next best use of your time or money when you choose to do one thing rather than another. Answer Terms 1 - 400 ____________ _____ is the cost of producing one more additional unit of output. Answer Terms 1 - 500 ____________ is a system where private citizens own most if not all of the means of production. Answer Terms 1 - 600 What are the 4 factors of production? Answer Terms 1 - 100 Answer scarcity Terms 1 - 200 Answer Economic model Terms 1 - 300 Answer Opportunity cost Terms 1 - 400 Answer Marginal cost Terms 1 - 500 Answer capitalism Terms 1 - 600 Answer 1.Raw materials 2.Labor 3.Entrepreneur 4.Capital Terms - 100 In a ____ system, private citizens own some of the means of production, while the government owns most of the big industries a. market c. federalized b. capitalist d. socialist Answer Terms - 200 ________ is when people or groups concentrate on producing goods or services that they can produce better than anyone else. Answer Terms - 300 Heating expenses are usually fixed. Answer Terms - 400 What is the payment people receive when they lend money or allow someone else to use their money? a. warranty c. interest b. income d. savings Answer Terms - 500 Fixed Costs + _____ ____ = Total Cost Answer Terms - 600 Economics is sometimes called the science of _______ ________. Answer Terms - 100 Answer D. Socialist Terms - 200 Answer SPECIALIZATION Terms - 300 Answer FALSE Terms - 400 Answer C. interest Terms - 500 Answer Variable Costs Terms - 600 Answer Decision Making Easy ?s - 100 Labor is sold in a _______ market. (factor market or product market) Answer Easy ?s - 200 True or False According to the Walmart video, over 50% of all Walmart suppliers produce products in China. Answer Easy ?s - 300 Profit motive is a positive aspect to a capitalist system. Answer Easy ?s - 400 Identify which items below are (more often than not) capital goods or consumer goods. ___ CD holographic Disk packaging unit ___ King sized Almond Snickers Bar ___ bicycle Answer Easy ?s - 500 True or False Putting money in a savings account hurts the economy. Answer Easy ?s - 600 Label the supply & demand curve Price Quantity Answer Easy ?s - 100 Answer FACTOR Easy ?s - 200 Answer TRUE Easy ?s - 300 Answer TRUE Easy ?s - 400 Answer Cap CD holographic Disk packaging unit Con King sized Almond Snickers Bar Con bicycle Easy ?s - 500 Answer False Easy ?s - 600 Answer Demand Supply Mixed Bag - 100 Which of the 4 questions below is NOT a question that needs to be answered by an economic system? A. When? C. How? B. What? D. For Whom? Answer Mixed Bag - 200 Pick a number 1-5 Answer Mixed Bag - 300 True or False There are times when families will choose to lower their standard of living. Answer Mixed Bag - 400 Discouraging the consumption of goods by imposing a high sales tax on them is an example of what role of government in our economy? a. making markets competitive b. Establishing prices c. rewarding or punishing actions d. providing services not provided by the private sector Answer Mixed Bag - 500 Reduce this fraction to the simplest form: 15 102 Answer Mixed Bag - 600 ________ income is the amount of money left over after taxes have been taken out and all necessities paid for. Answer Mixed Bag - 100 Answer A. When? Mixed Bag - 200 Answer 4 Mixed Bag - 300 Answer TRUE Mixed Bag - 400 Answer C Mixed Bag - 500 Answer 15 5 ----- = ----102 34 Mixed Bag - 600 Answer Discretionary Income Terms 2 - 100 What does GDP stand for? Answer Terms 2 - 200 _________ _________ are where producers offer goods and services for sale. Answer Terms 2 - 300 When one thing is exchanged for the use of another, it is called a A. trade-off. B. free exchange C. opportunity cost. D. marginal cost. Answer Terms 2 - 400 ______________ _____________ is a term used to represent the importance of the consumer as the king or ruler of the market. Answer Terms 2 - 500 ________ is the amount of money left over after all the costs of production have been paid. Answer Terms 2 - 600 Pick a color (Purple, Gold, Navy) Answer Terms 2 - 100 Answer Gross Domestic Product Terms 2 - 200 Answer Product Markets Terms 2 - 300 Answer Trade off Terms 2 - 400 Answer Consumer sovereignty Terms 2 - 500 Answer profit Terms 2 - 600 Answer Navy