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Economics cumulative exam
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Economics cumulative exam
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Economics cumulative examWhat are the factors that cause a change in demand? - -Consumer income, consumer taste, price of substitutes, price of complements, expectations, number of consumers. -Law of demand - -As the price of a product increases, demand decreases. -Change in demand - -When people decide to buy different amounts of a product at the same price. -Change in quantity demanded - -When people decide to buy different amounts of a product because of a price change -Factors that change supply - -Cost of resources, productivity, technology, taxes, subsidy, expectations, govt regulations, number of sellers. -Law of supply - -Producers will offer more of a product for sale at high prices than low prices. -Scarcity - -Few people are satisfied with the things they have and Society does not have enough resources to produce all the things people would like. -Factors of production - -Land, capital, labor, entrepreneurship -TINSTAAFL - -There is no such thing as a free lunch -3 basic economic questions - -What to produce
How to produce
For whom to produce -Capital goods - -Capital goods are manufactured goods used to produce other goods and services. -Needs - -Something that is needed by all -Wants - -Something that has high demand but isn't needed -Division of labor - -everyone does a piece (i.e. group presentation) -Specialization - -Everyone at mcdonalds has a specific task such as spraying mustard or placing a bun -Value - -depends on its scarcity and utility; refers to worth that can be expressed in dollars and cents.
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