Civics II Final Exam Review first column

What happens when specialization occurs?

A person who combines labor, capital and land to create products and services is a(n)

The opportunity cost for staying up all night studying is

What do we call this kind of graph?

A complimentary good to hot dogs would be

An economy in which the government decides what will be produced, at what price and for whom

A shortage results when the price is set

The key concept in the study of economics is

What kind of graph is this?

An increase in quantity supplied is cause by

How steep the demand or supply line is depends on

An economy that decides what to produce, how to produce it and for whom based on prices is

The Law of Supply states that as price increases, so does

A substitute good for a hot dog would be

A surplus results when the price is set

A price ceiling means there is

What kind of graph is this?

A price floor means there is

The Law of Demand states that as price increases,

Land, Labor, Capital and Entrepreneurship are all