Microeconomics Vocab Quiz

In a market economy, this answers the question of "For Whom?"

• Price

• Supply

• Demand

• Shortage

• Surplus

This includes the choices and behaviors of the production side of the economy.

• Price

• Supply

• Demand

• Shortage

• Surplus

This includes the choices and behaviors of the consumption side of the economy.

• Price

• Supply

• Demand

• Shortage

• Surplus

This condition exists when the supply is less than the demand for a good or service.

• Price

• Supply

• Demand

• Shortage

• Surplus

This condition exists when the supply is more than the demand for a good or service.

• Price

• Supply

• Demand

• Shortage

• Surplus

Rules and laws that impact what can be produced and consumed in the market place.

• Regulations

• Substitutes

• Complements

• Subsidies

• Costs

Similar goods/services that can be used in place of each other. An example is an Android phone or an iPhone.

• Regulations

• Substitutes

• Complements

• Subsidies

• Costs

Similar goods/services that are usually used together. Cereal and milk are an example.

• Regulations

• Substitutes

• Complements

• Subsidies

• Costs

Payments or benefits from the government that are given to businesses. An example is government payments to agricultural corporations for food they grow but do not sell.

• Regulations

• Substitutes

• Complements

• Subsidies

• Costs

The value of expenses a business has when providing a good or service. An example is the rent a barber pays to use a building is an example.

• Regulations

• Substitutes

• Complements

• Subsidies

• Costs