Search Header Logo
Economics Concepts Flashcards

Economics Concepts Flashcards

Assessment

Flashcard

Business

9th - 12th Grade

Practice Problem

Hard

Created by

Brad Shipley

Used 2+ times

FREE Resource

Student preview

quiz-placeholder

34 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What is a market?

Back

A market can be defined as a group of buyers and sellers of a particular product.

2.

FLASHCARD QUESTION

Front

What is demand?

Back

Demand is an economic concept that relates to a consumer's desire to purchase goods and services and their willingness to pay a specific price for them.

3.

FLASHCARD QUESTION

Front

What does the law of demand state?

Back

The law of demand states that there is a negative causal relationship between the price of a good and the quantity of the good demanded during a particular time period, ceteris paribus.

4.

FLASHCARD QUESTION

Front

What is a demand curve?

Back

The demand curve is a line graph used in economics that shows how many units of a good or service will be purchased at various prices.

5.

FLASHCARD QUESTION

Front

What is market demand?

Back

Market demand is the sum of all individual demands for a specific product.

6.

FLASHCARD QUESTION

Front

What are non-price determinants of demand?

Back

Non-price determinants of demand are the non-price variables that influence the demand for a product.

7.

FLASHCARD QUESTION

Front

What does TRIBE stand for in the context of demand?

Back

Tastes and preferences, Related goods, Income, Buyers in the market, Expectations of future prices.

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?