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| What is money? | Money is anything that is used in exchange of goods and services | |
| What is microeconomics? | Microeconomics is the study of the economy from the individual, household, and business level. | |
| What is a trade-offs? | Trade-offs are activities or items you give up in exchange for something else. There are trade-offs associated with any choice we make, but there are also benefits like earning an A in economics. Trade can also be called costs of the choice made. | |
| How does supply and demand inform the choices of consumers and business owners? | In the sale of goods and services, price is determined by the interaction between supply and demand. In a graph, the point where the supply curve and demand curve intersect is called the equilibrium point. This point corresponds to the equilibrium price, the one a business should seek to charge. If suppliers charge a price higher than equilibrium a surplus will result. If they charge less a shortage will result. | |
| What factors affect supply? | Resources: cost and availability; Other goods' prices; Taxes, subsidies, and government regulations; Technology (productivity); Expectations of the producer; Number of firms in the industry | |
| What factors affect demand? | Tastes and preferences; Related goods and services; Income; Buyers, number of; Expectations of price | |
| How are prices determined? | Price is determined by the interaction between supply and demand | |
| What is the difference between money and currency? | Money is anything that can be used in exchange of goods and services. Currency is the coins and paper bills used in exchange for goods and services. | |
| Why does money have value? | Money has value because of the public's confidence in currency created and protected by the U.S. government. | |
| How does printing more currency affect the economy? | Printing too much currency would lower its value and increase inflation more | |
| When does a surplus occur? | A surplus occurs when suppliers charge a price higher than the equilibrium price; extra quantity over level demand | |
| When does a shortage occur? | A surplus occurs when suppliers charge less than the equilibrium price; lack of enough quantity to meet demand | |
| 1)What is the difference between demand and quantity demanded? | Demand, the amount of a good or service that people are willing to buy, is the “whole curve” - overall demand for a good or service at all prices. Quantity demanded, however, is a specific point on the curve, showing how much will be purchased at a specific price. So when price changes, only the quantity demanded changes as a result | |
| 1)What is the difference between supply and quantity supplied? | Supply is the whole curve – the total amount of a product suppliers are willing to put up for purchase. Quantity supplied is a single point on the curve – it is how much of a product suppliers are willing to put up for purchase at a specific price. |
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