Semester Test Review (Economics)

Income, preferences, prices of related goods, number of buyers, future price are all

Needed to produce the goods and services that satisfy our wants.

beneficial side effect of an action that is felt by others. 

Satisfaction or happiness

A good of which one person's consumption does not take away from another person's consumption.

If income and demand move in the opposite direction

An increase in ___________ decreases supply.  The supply curve shifts to the left.

Which of the following is not one of the five features of Free Enterprise.

What is this

A(n) ___________________ is something that encourages or motivates a person to take an action.

A rightward shift means demand has 

when the price of product increases, the quantity demanded decreases.

Any good that is owned by the government

An advancement in _______________ increases supply.  The supply curve shifts to the right.  

Which of the following is not a resource or factor of production

the willingness and ability of buyers to purchase different amounts of goods at differentprices

anything that satisfies a person's wants

an adverse side effect of an act that is felt by others

The physical and mental talents that people contribute to the production of goodsandservices.  

if income and demand move in the same direction

The amount of money left over after all the costs of production have been paid.

the law of demand shown with numbers

Any good owned by an individual or a business

the number of units of a good that are purchased at a specific price.

The study of relatively small economic units

a place where people buy and sell things.  

Things that people desire to have. 

tasks that you pay other people to perform for you

The amount of money brought in by the sale of an item

The most valued opportunity or alternative you give up to do something is that something's 

a curve that shows the sum of all the individual curves for the good

when the percentage change in quantity demanded is less than the percentage change in price

What is this?

The amount of money by which total cost exceeds total revenue.

refers to the number of units of a good produced and offered for sale at a specific price.

two goods that are used together

A good of which one person's consumption takes away from another person's consumption

In economics, the word that means "additional."

as a person uses more of a product, the person gets less satisfaction from it. 

Deals with the relationship between price and quantity demanded.

What is this?

Similar goods 

includes all the natural resources found in nature

The science that studies the choices of people trying to satisfy their wants

people who receive the benefits of a good without paying for it

Income changes but the demand does not change

when more of one thing means less of something else.

something that can be felt or touched

produced goods that can be used as resources for further production. Such things as machinery.