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Economics exam

4 factors that affect demand
Price of substitutes, population, interest rates, incomes
 
4 factors that affect supply
Costs of production, taxation, subsidies of government
 
What happens to demand of a product, if the price of a substitute rises
Demand for the product will increase
 
Will an increase in price result movement along the demand curve or a shift
A movement
 
Factor that would shift the supply curve LEFT
Natural disaster
 
Factor that would shift the supply curve RIGHT
The government increase subsidie
 
Key term when demand and supply curve meet
Equilibrium
 
How is total revenue calculated
Price x quantity
 
Product switching, example of a manufacturer being supply elastic or supply inelastic
Supply elastic
 
Our resources are finite, but our wants are
Infinite
 
What are the three economic problems
How to produce, whom to produce, what to produce
 
What does an entrepreneur do
Combines factors of production
 
A rightward shift in the PPC illustrates
An increase in productivity
 
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