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Econ Quiz 2


Supply Curve This is how much a good or service costs.
Low Cost Suppliers This is the accumulation of those products that are tangible, scarce, useful, and transferable from one person to another. In other words, it is all the money and goods a person has.
High Cost Suppliers This is the price where the quantity demanded is equal to the quantity supplied. It's the only place where the price is stable.
Price These are goods and services that are useful, relatively scarce, and transferable to others.
Economic Good It summarizes the way suppliers respond to a change in price or how they enter/exit the market depending on the price.
Consumer Good This is worth that can be expressed in dollars and cents.
Capital Good This is when the quantity supplied is more than the quantity demanded.
Value This occurs when a nation's total output of goods and services increases over time.
Utility This is the capacity to be useful and provide satisfaction.
Wealth This is when the quantity demanded is more than the quantity supplied
Economic Growth This is something people can buy.
Productivity This is when we rely on others and they rely on us to provide the goods and services that we consume.
Human Capital This is a product made to make another good/service.
Economic Interdependence They can sell a good/service when the price is cheap because it's cheap to make it.
Equilibrium Price This is the sum of the skills, abilities, health, and motivation of people.
Surplus This is a measure of the amount of output produced by a given amount of inputs in a specific period of time.
Shortage They can only sell a good when the price is expensive because it's expensive to make it.

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