General Study Information Quiz

The study of particular markets and sections of the economy.

The way in which markets decide what goods and services to provide, how to produce them, and who to produce them for.

Shortages.

<p>A method of allocating resources through market forces of demand and supply.</p> Signup and view all the answers

<p>A situation where the quantity demanded equals the quantity supplied for a good.</p> Signup and view all the answers

<p>The willingness and ability to buy a product.</p> Signup and view all the answers

<p>The willingness to buy that is backed by the ability to pay for the purchase.</p> Signup and view all the answers

<p>Effective demand for a particular good.</p> Signup and view all the answers

<p>True</p> Signup and view all the answers

<p>A graphical representation of the relationship between the price of a good and the quantity demanded at each price.</p> Signup and view all the answers

<p>Demand from one customer.</p> Signup and view all the answers

<p>Total (aggregate) demand; the sum of all individual demands of consumers.</p> Signup and view all the answers

<p>The willingness of producers to supply a good or service at a given price.</p> Signup and view all the answers

<p>The amount of goods producers are willing to make and supply.</p> Signup and view all the answers

<p>The amount of goods all producers supplying the product are willing to supply.</p> Signup and view all the answers

<p>True</p> Signup and view all the answers

<p>A graphical representation of the relationship between the price of a good and the quantity supplied at each price.</p> Signup and view all the answers

<p>The process of finding the equilibrium price and quantity in a market.</p> Signup and view all the answers

<p>The state where the quantity demanded equals the quantity supplied.</p> Signup and view all the answers

<p>The price at which the demand curve intersects the supply curve.</p> Signup and view all the answers

<p>The quantity demanded or supplied at the equilibrium price.</p> Signup and view all the answers

<p>Changes in supply or demand.</p> Signup and view all the answers

<p>The responsiveness of demand to a change in price.</p> Signup and view all the answers

<p>The responsiveness of supply to a change in price.</p> Signup and view all the answers

<p>An economic system that relies on market forces of demand and supply to allocate resources.</p> Signup and view all the answers

<p>An economic system that relies on the government to allocate resources.</p> Signup and view all the answers

<p>A situation where market forces fail to allocate resources efficiently and a situation where the social costs of production exceed the social benefits.</p> Signup and view all the answers

<p>Negative side-effects of production and consumption that are incurred by third parties for which no compensation is paid.</p> Signup and view all the answers

<p>Positive side-effects of production and consumption that are experienced by third parties for which no money is paid.</p> Signup and view all the answers

<p>The sum of private costs and external costs.</p> Signup and view all the answers

<p>The sum of private benefits and external benefits.</p> Signup and view all the answers

<p>Goods or services that are non-excludable and non-rivalrous.</p> Signup and view all the answers

<p>Goods or services that generate negative spillover effects in the economy when consumed.</p> Signup and view all the answers

<p>A market structure where there is a single supplier of a product.</p> Signup and view all the answers

<p>A situation where factors of production are unable to move to areas where they are most needed.</p> Signup and view all the answers

<p>A situation where workers are unable to move to jobs where they are most needed.</p> Signup and view all the answers

<p>A situation where people lack sufficient information to make informed decisions about consumption or production.</p> Signup and view all the answers