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Social Studies > 1140 > Flashcards

1140 Flashcards

1
Q

What are grown, mined, or manufactured commodities;

A

Goods;

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2
Q

What value is based on the value and scarcity of a products components and labor required to produce it;

A

Intrinsic value;

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3
Q

What is consumer satisfaction received from a good or service; what is a satisfaction derived from the consumption of one unit of that good or service; what is the decrease in satisfaction provided by the consumption of each individual unit

A

Utility; marginal utility; diminishing marginal utility

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4
Q

An expression of value in terms of money

A

Price

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5
Q

What are the five limiting factors of production in a free market economy

A

Capital
natural resources
management
labor

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6
Q

What is determined by the interaction of supply and demand

A

Market price

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7
Q

The quantity of a good or service available for sale

A

Supply

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8
Q

The desire for a good or service coupled with the ability and willingness to purchase it

A

Demand

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9
Q

What five things can demand be influenced by

A 
The price of a product or service
The urgency of the consumers need
The supply of the product or service
The utility of the product or service
Consumer income
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10
Q

What is a demand or Supply schedule

A

A supply or demand schedule is a table listing amount of product consumers will purchase at various prices, in a specific Market, at a given point in time

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11
Q

What is a demand or supply curve

A

A demand or supply curve is a graph showing information from a demand or Supply schedule

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12
Q

What four changes may cause a shift in demand

A

A change in consumer income
A change in the price of alternative choices
A change in consumer expectations
A change in consumer tastes and preferences

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13
Q

What occurs when Supply exceeds demand; what results when demand exceeds Supply

A

Surplus; shortage

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14
Q

What happens during a long run

A

All production factors may be varied

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15
Q

What happens during a short run

A

Only some production factors may be varied

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16
Q

Which run is price a major influence on Supply

A

Short run

17
Q

What’s run is cost of production and Technology a major influence

A

Long run

18
Q

What are inelastic supplies

A

Agricultural products

19
Q

What are elastic supplies

A

Luxuries

20
Q

The market always tends toward what

A

Equilibrium

21
Q

What price is the price at which supply and demand are equal and all elements of the market are satisfied

A

Equilibrium

22
Q

What equilibrium occurs when there is a period of perfect inelasticity of Supply in which the supplier cannot expand production and the supply is fixed

A

Instantaneous

23
Q

What is a fixed lower limit for Price or wage; what is a fixed upper limit

A

Floor; ceiling

24
Q

What are the methods of eliminating a Surplus

A

Increasing demand
Decreasing Supply
Lowering price until the Surplus is sold

25
Q

What are the methods of eliminating a shortage

A

Increasing Supply
Increasing price and production
Decrease in demand

26
Q

What are activities performed for others

A

Services

27
Q

What value is based on the consumer’s idea of the products usefulness to him

A

Subjective value

28
Q

What things can supply be influenced by

A

Cost of production, technology, time, price

29
Q

What are the two laws of supply

A

Supply varies directly with price… the higher the price the greater the supply

30
Q

What are the two laws of demand

A

Demand varies inversely with price; the lower the price of Greater the demand

31
Q

It takes a longer period of time to increase the supply of a good with an what Supply but supplies of goods with an what Supply can be increased in a short time

A

Inelastic… Elastic

Social Studies (17 decks)

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