Economics · Microeconomics Foundations

Economics — Microeconomics Foundations

Practise core ideas about scarcity, opportunity cost, supply and demand, equilibrium, and elasticity.

20 cardsHigh school / introductory universityFoundational

A focused review

Topics covered

microeconomicssupply and demandelasticityopportunity costAP Economics

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Question 01What does scarcity mean in economics?

Answer

Resources are limited relative to the wants and uses people could choose among.

Question 02What is opportunity cost?

Answer

The value of the next-best alternative forgone when a choice is made.

Question 03What does the law of demand say, all else equal?

Answer

When a good's price rises, the quantity demanded generally falls; when price falls, quantity demanded generally rises.

Question 04What does the law of supply say, all else equal?

Answer

A higher price generally leads producers to offer a greater quantity for sale.

Question 05What is the difference between a change in demand and a change in quantity demanded?

Answer

A demand change shifts the whole curve; a quantity-demanded change is movement along it caused by the good's own price.

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