
Economic Concepts Flashcard

Flashcard
•
Social Studies
•
KG
•
Hard
Wayground Content
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22 questions
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1.
FLASHCARD QUESTION
Front
What economic concept describes the total amount of goods and services that consumers are willing and able to purchase at different prices?
Back
Demand curve
2.
FLASHCARD QUESTION
Front
Which market structure is characterized by many sellers, standardized products, and no barriers to entry?
Back
Perfect competition
3.
FLASHCARD QUESTION
Front
In a market economy, what is the primary factor that determines the allocation of resources?
Back
Price mechanism
4.
FLASHCARD QUESTION
Front
What type of unemployment occurs when workers are temporarily between jobs?
Back
Frictional unemployment
5.
FLASHCARD QUESTION
Front
In microeconomics, what happens to demand when price increases?
Back
Demand decreases
6.
FLASHCARD QUESTION
Front
What type of economic system relies on customs and traditions to answer basic economic questions?
Back
Traditional economy
7.
FLASHCARD QUESTION
Front
What characterizes a monopolistic competition market structure?
Back
Product differentiation
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