Micro Vocab Flashcard

Front

Dog treats used for training are examples of ________.

Back

incentives

Front

If Verizon was the only cell phone service provider, it would have a __________

Back

monopoly

Front

Example of a subsidy?

Back

A government payment to potato farmers to produce less potatoes.

Front

500 Greebes produced, 400 sold. Extra 100 Greebes?

Back

Surplus

Front

Jonesistan's government set a price for greebes different from the market price. What is this?

Back

price control

Front

Place where supply and demand meet?

Back

market equilibrium

Front

Circular Flow: A model illustrating economic interconnections.

Back

A model which illustrates how interconnected the economy is.

Front

Demand and supply curves shift due to:

Back

Determinants

Front

Business with separation of ownership and management:

Back

Corporation

Front

Govt of Jonesesia set banana price above equilibrium, causing surplus. What is this?

Back

price floor