Economics Vocabulary Introduction

Front

If the supply of a good is higher than the demand, what happens to the price?

Back

Price goes down

Front

An increase in competition would have what effect on price?

Back

Price goes down

Front

If there is no competition in your market, how would that impact your business?

Back

You could charge more for your product.

Front

How will scarcity of a capital good impact price?

Back

Price would go up

Front

Which of these jobs is involved in production? Secretary, Factory worker, Truck driver, Zoo keeper

Back

Factory worker

Front

What is consumption?

Back

How a good is used

Front

New technology that increases the speed of production would have what impact on the prices of goods?

Back

Prices would lower

Front

Interdependence means

Back

Two countries economies rely on each other

Front

Things needed to manufacture a product or produce a good.

Back

Capital Good

Front

Which of these is an example of a capital good? A banker, A mixer at a bakery, A flag at a school, A tree

Back

A mixer at a bakery