Economics Final

What is a want

• A shortage of a product
• Something that is essential to our survival
• Any item that we desire but that is not essential to our survival

What is a need?

• Something that is essential to surviving
• A high-quality product
• Limited quantity of something

What is an example of a good?

• Airpods
• Teacher
• Doordash
• Uber Driver

What is an example of a service?

• Chromebook
• Pencil
• Teacher
• Iphone

What is scarcity?

• A temporary situation in which a good or service is unavailable
• A service.
• Limited quantities of resources to meet unlimited wants

What is shortage?

• A temporary situation in which a good or service is unavailable
• The choices individuals make on a day to day basis
• Limited quantities of resources to meet unlimited wants.

A chart that lists the quantity of a good that everyone who wants the good will buy at each price.

• Price
• Market Demand Schedule
• Barriers

A chart that lists the quantity of a good that a company will supply at different prices

• Supply Schedule
• Price
• Lunch Schedule

In a monopoly, the market is ran by how many suppliers?

• many
• two
• one

Producers can charge as much as __________ are willing to pay

• laborers
• consumers
• down