economicsupplyvocab
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | the cost of wages and raw materials for producing a product
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| show | other products that can be produced with the same resources (pizza or pretzels)
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| technology | show 🗑
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| show | free money from the government to protect an certain economic activity
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| show | the person who combines resources and sells them in the market
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| show | fee charged by the government that increases supply and raises the cost
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| equilibrium | show 🗑
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| shortage | show 🗑
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| show | where Qs > Qd
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| show | the rule that states more will be offered to sell at higher prices than at lower prices
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| Supply | show 🗑
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| show | when a change in price has little impact on Qs
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| Elastic Supply | show 🗑
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| show | As more units of a certain variable input are added to a constant amount of other resources total output keeps rising but only a diminishing rate
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| Scarcity | show 🗑
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| show | land, labor, capital, entrepreneurs
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| Product Market | show 🗑
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| Resource Market | show 🗑
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| Opportunity Cost | show 🗑
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| show | Goods used to produce other goods, causes economic growth
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Created by:
amaya0521
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