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4 cards from this section. Quick, good the night before a test.
Define scarcity in your own words.
Think about why you can't have everything you want.
What effect does a decrease in price have on demand?
Recall the Law of Demand.
What does scarcity imply in economics?
Think about the resources available to you.
True or False: If the price of a product increases, the quantity demanded will always decrease.
Recall the fundamental principles of demand.
Suppose the price of a popular smartphone increases significantly. Discuss the expected changes in demand according to elasticity theory.
What kind of products tend to have elastic versus inelastic demand?
Analyze a situation where the government provides a subsidy to encourage the production of electric vehicles. How might this intervention affect market equilibrium?
How do changes in supply affect price and demand?
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