Chemistru Unit 3

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What is a need?
A good or servise that is required
1 of 5
What is a want?
A good or service that we desire or wish for
2 of 5
What is equilibrium?
The state where economic forces such as supply and demand are equal
3 of 5
What are the Economic groups?
consumer, producer and government
4 of 5
What is price elasticity of supply?
price elasticity of supply (PES) measures the relationship between change in quantity supplied and change in price
5 of 5

Other cards in this set

Card 2

Front

What is a want?

Back

A good or service that we desire or wish for

Card 3

Front

What is equilibrium?

Back

Preview of the front of card 3

Card 4

Front

What are the Economic groups?

Back

Preview of the front of card 4

Card 5

Front

What is price elasticity of supply?

Back

Preview of the front of card 5

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