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Microeconomics Test Review
Game Code: 1425179
English
43
Public
Basic Principles of Microeconomics
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willingness and ability to buy a product creates ____________
Demand
15
Decreases in demand shift the demand curve to the _______
left
15
A shift to the right of a demand curve indicates ____________ in demand
an increase
15
The quantity (or number) of a product that consumers are willing to buy at a particular price
quantity demanded
15
Willingness and ability to produce and sell a product at a certain price point
Supply
15
The study of people and businesses within a small market
Microeconomics
15
simplifies the interactions of producers and consumers in the economy to help us visualize how producers and consumers interact in an economy
Circular Flow Model
15
In the Circular Flow Model, goods and services and money flow in _______ directions
opposite
15
Market in which goods and services are bought and sold
Product Market
15
Market in which productive resources (factors of production) are bought and sold
Factor Market
15
The Law of Demand states that as prices increase, quantity demanded _______
decreases
15
The Law of Supply states that as prices increase, quantity supplied _______
increases
15
Table that lists the quantity of a good that a person will purchase at each price in a market
Individual demand schedule
15
shows the quantities demanded at each price by all consumers in the market
Market demand schedule
15
Keeping all things constant, except for price to examine the change
Ceteris paribus
15
when income increases, demand for _________________ increases
normal goods
15
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