Economics Flashcards

1
Q

Relationship between price and quantity, how much people will pay for a product

A

Demand

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2
Q

Relationship btwn price and how much product is offered to the market

A

Supply relationship

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3
Q

Price set too low and many people want the product, not enough supply =

Ex: government ban, price ceiling imposed, suppliers do not raise prices

A

Excess demand

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4
Q

Price too high, less purchasing =

Ex: price changes, including alternative goods

A

Excess supply

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5
Q

Insufficient supply to meet demand

A

Scarcity

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6
Q

_ regulation

Prevents monopolies
Antitrust law
Ensure fair competition

A

Economic regulations

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7
Q

_ regulation

Ensure business behave responsibly
Prohibit harmful behavior
OSHA

A

Social regulation

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8
Q

Medicare and social security funded by

A

Payroll taxes

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9
Q

Demand curve shift (3)

A

Change in income
Price of related goods
Consumer tastes

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10
Q

_ permit students to draw conclusions based on their interpretation of these sources

A

Primary sources

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11
Q

_ provide different perspectives, easier to understand

Expert conclusions

A

Secondary sources

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12
Q

_ is anything that can take on a different value

Ex: age, place of origin

A

Variable

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13
Q

Manipulated or controlled by the researcher**NOT changed by any other factor

A

Independent variable 9

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14
Q

Rely on independent variable, may be changed by other factors

A

Dependent variable

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