1st 9 weeks Econ Exam Review

What is a demand schedule?

Nation where gov't plays limited role in economy

Which of the following restates the law of demand?

The the result of quantity being greater than quantity demanded is called?

Circular flow model shows

Everyone having the same economic rights under the law is called

Benefits offered to encourage people to act in certain ways are

A decrease in demand causes equilibrium prices to

The ability for everyone to enter and compete in the marketplace is called

What motivates producers to increase supply

change in the amount consumer will buy because their money has changed

The ongoing tension of not having enough resources to meet human wants is called?

Which is based mainly on individual choice?

Goods and services that are used together

The situation in which the quantity supplied of a good is greater than the quantity demanded?

Which involves having the government make most economic decisions?

When quantity supplied of a good is equal to the quantity demanded at that price is

The study of how people choose to use scarce resources to satisfy their wants is called?

goods and services that can bu used in place of each other

Which involves making economic choices based on customs?

In a market economy the real power in the market place is held by the

What you give up by choosing one alternative over another is

Physical products that can be purchased are called?

A need is fulfilled by

Physical products that can be purchased are called

What do various points along the demand curve represent

Which of the following describes a demand curve

The equilibrium price in the market is determined by

The desire and ability to produce and sell a product is

What is a demand curve?

In economic terms property means

The benefit or satisfaction gained from the use of a good or service is called a(n)

The law of supply states that

The time, effort, and talent that go into the making of products is called?

Suppliers in the product market are