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12C Economics - Review
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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.
True or False - Perfectly Inelastic: Everything that is produced is sold at a given price.
False.
What is a tariff?
a tax imposed on imports or exports.
I buy one bottle of the limited edition perfume of a luxury brand. Is this an example of rivalry?
Yes.
True or False - Minimum price refers to a price that is fixed, the market price must not go below the price.
True
When demand and supply are not equal...
Disequilibrium
Producer surplus refers to:
the difference between the price a producer is willing to accept and what is actually paid.
Free trade is
international trade not restricted by tariffs and other protectionist measures.
True or False - The fundamental economic problem is: scarce resources in relation to wants.
True
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.
When we talk about the way in which an economy is organized in terms of sectors, we are referring to?
Economic structure
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.
What is demand?
the quantity of products that consumers are willing and able to buy at different prices.
True or false - Is privatization when governments take over a private sector business and transfer it to the public sector?
False
Define inflation.
Inflation is a sustained increase in an economy's price level.
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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