12C Economics - Review | Baamboozle - Baamboozle

English 16 Public

Review

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#High school #economy #Economics

What is supply?

refers to the quantities of a product that suppliers are willing and able to sell at various prices per period of time, other things being equal.

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True or False - Perfectly Inelastic: Everything that is produced is sold at a given price.

False.

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What is a tariff?

a tax imposed on imports or exports.

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I buy one bottle of the limited edition perfume of a luxury brand. Is this an example of rivalry?

Yes.

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True or False - Minimum price refers to a price that is fixed, the market price must not go below the price.

True

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When demand and supply are not equal...

Disequilibrium

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Producer surplus refers to:

the difference between the price a producer is willing to accept and what is actually paid.

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Free trade is

international trade not restricted by tariffs and other protectionist measures.

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True or False - The fundamental economic problem is: scarce resources in relation to wants.

True

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What is the difference between a want and a need?

Wants are needs that are not always realized. A need is anything a human being needs for their survival.

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When we talk about the way in which an economy is organized in terms of sectors, we are referring to?

Economic structure

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Money is only considered "money" if its bills, bank transactions, or cards?

No, money is anything that is generally acceptable as a means of payment.

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What is demand?

the quantity of products that consumers are willing and able to buy at different prices.

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True or false - Is privatization when governments take over a private sector business and transfer it to the public sector?

False

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Define inflation.

Inflation is a sustained increase in an economy's price level.

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What is the distinction between "money or nominal values" and "real values"?

Money values: values at the prices operating at the time. / Real values: values adjusted for inflation.

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