question
In economics needs and wants are
answer
unlimited
question
Economics is only about business and government policies
answer
false
question
Who determines supply?
answer
sellers
question
Law of supply=
answer
P up, Q's up
question
What does a supply schedule show?
answer
how much sellers are willing to sell at various prices
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Law of demand=
answer
P up, Qd down
question
Incentives are
answer
Benefits offered to encourage people to work in certain ways
question
Ceteris Paribus
answer
"all things being equal"; assumptions used within an economic model
question
What is a shortage?
answer
temporary lack of resources
question
What is a progressive tax?
answer
A tax where the more you make the more you pay
question
A price ceiling creates a
answer
shortage
question
What are the variable in law of supply and demand?
answer
quantity and price
question
What is the point when supply and demand are equal?
answer
market clearing price
question
An inferior good is
answer
one that consumers buy less of as their income rises
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