Economy Quiz

What is Fixed Costs?

Are a combination of both fixed and variable costs and this is one that businesses must constantly monitor to find their highest profit

These change as the level of output changes

Production costs that do not change as the output changes these fixed costs are also called overhead

Mr. MickyDickyDonaldRonald's bank account

What is a Demand Curve?

People go back and forth from product to product within a day

Shows the stocks between price and quantity demanded

Demands make a 90 degree turn

None of the above

What is Marginal Product?

These are estimates made by the producers on what they hope to make from a good

Is the change in output generated by adding one more unit of input

Is the amount of goods and services produced per unit of input

None of the above

What is Demand?

Amount of a good or service that a consumer is willing and able to buy at possible prices during a given time

The cost of the supplies

Money profited after all production costs

Mr. Gorton when he tells William what route to run

What Does Competition do?

Increases supply of given product as more producers are trying to profit from their good

Makes Mr. Race impatient and get stalked by Jaden

These are estimates made by the producers on what they hope to make from a good

Makes ducks try to fly

What is Income Effect?

This is the tendency for consumers to substitute any slightly cheaper good for relatively the same product

Mr. Race becomes a cash cow and starts buying all the latest fashion and cars

Makes people money hungry

The more purchasing power people have which means the ability they have to buy things the greater the demand becomes

What is a Factor of Determinants of Supply?

Government Tools

Prices of Technology

Conservation

Prices of Unexpected Goods

What's the Law of Demand?

It states that an increase in a goods price causes a decrease in the quantity demanded and that a decrease in the price causes an increase in the quantity demanded

You have to demand products or you will be fined up to $100k

Demand is not limitless, therefore every time a product is consumed the utility of the product diminishes

Amount of a good or service that a consumer is willing and able to buy at possible prices during a given time

What is Supply?

The airdrops from Fortnite

The quantity of goods and services that producers are willing to offer at various prices in a given time

The amount of money that remains after producers have paid off all of their costs

What the people are demanding

What is Inelastic Demand?

Mr. Races new slinky toy that he dearly admires

A normally needed product with few or no substitutes

Product not necessarily needed with available substitutes

People demanding elastic materials

Economy Quiz

More Quizzes