Microeconomics Review

Total demand may change if more consumers enter the market, consumer taste change, or __

 According to the law of supply, sellers will be more likely to increase their quantity supplied:

The _______________________________ occurs directly before the expansion phase.

The total value of all final goods and services produced in a country in one year is its _____.

Machines, buildings, and tools used to make other goods and services are ____ goods.

 Capitalism is an example of a(n)

According to the law of demand, quantity demanded and price _______.

What does microeconomics deal with?

The income from a full time job that you give up when you go to college is called a(n)

What is the term for a nation’s economic production that has been adjusted for price changes?

When quantity demanded is less than quantity supplied, there is a

One of the strengths of a market economy is that ______________

The methods or services used to make goods and services are called ________

A period of business recovery when economic activity increases is called _______.

The four factors of production are natural resources, labor, capital and _____.

What of the following items is a want?

In the ________________________ phase, the economy shrinks with a negative GDP.

In an economic system in which habit and custom dictate most economic and social behavior.

Economics is the study of how we make decisions in a world of limited

The additional profit obtained from producing one or more unit in a factory is called a(n)

Who determines the equilibrium price and quantity?

A  ______________ is a graph that shows the amount of a product that would be bought at all prices in the market. 

Which of the following is a natural resource?