BEC Economic Theory review 4

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Joens1313
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299495
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BEC Economic Theory review 4
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2015-03-30 00:38:22
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BEC Economic Theory review
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BEC Economic Theory review 4
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  1. What is the market
    The market is the interaction of buyers and sellers of a good for exchanges purposes.
  2. When governments set mandatory or artificial prices, what is a ceiling?
    A ceiling is when a price is set below the market price, shortages develop.
  3. When governments set mandatory or artificial prices, what is a floor?
    a floor is when a price is set above the market price, surpluses develop.
  4. What are assets used in common?
    Assets that are obtained by a town, city or country for the use of all residents.
  5. An increase in demand, when supply doesn't change, will---------- the market price.
    An increase in demand, when supply doesn't change, will increase the market price.
  6. An ------------ in demand, when supply doesn't change, will increase the market price.
    An increase in demand, when supply doesn't change, will increase the market price.
  7. an ------------------- in demand when supply doesn't change will decrease the market price.
    an decrease in demand when supply doesn't change will decrease the market price.
  8. an decrease in demand when supply doesn't change will -------------- the market price.
    an decrease in demand when supply doesn't change will decrease the market price.
  9. an----------------- in supply, when demand doesn't change will decrease market prices.
    an increase in supply, when demand doesn't change will decrease market prices.
  10. an increase in supply, when demand doesn't change will ----------------- market prices.
    an increase in supply, when demand doesn't change will decrease market prices.
  11. an --------------------- in supply when demand doesn't change will increase market demand
    an decrease in supply when demand doesn't change will increase market demand
  12. an decrease in supply when demand doesn't change will--------------- market demand
    an decrease in supply when demand doesn't change will increase market demand

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