Eco Eoc review

The Eco. rule, individuals can't keep buying the same if prices rise and income doesn't rise.

The eco. rule stating that quantity demanded & price move in opposite directions is the

The amount of G&S that consumers are willing to buy at various prices during a specific time.

The quantity demanded of a product is affected by the rule that as more units are increased

Satisfaction in economic terms is called

Eco rule, additional satisfaction declines as more units are purchased

The FED's FOMC makes the decisions on when to raise or lower, buy or sell to adjust the

When the demand for a product cannot be met in the marketplace there is a _

The father of modern economics, thanks to his book the "Wealth of Nations"

A system for allocating scarce G&S using criteria other than price is known as

When there is more product than demand you have a

When the demand for a product cannot be met in the marketplace there is a

The group that makes decisions affecting interest rates, reserve requirements & buying & sellin

Eco concept dealing w/consumers' responsiveness to an increase or decrease in price

When the price of a good is too high for consumers, they look for

A _, can be anywhere, the process of buying and selling or the exchange of G&S.

Eco rule stating if 2 items satisfy the same need & the price of 1 rises, will buy the other

The buying and selling of gov securities to alter the money supply is known as

When there is more product than demand you have a

The amount of G&S that is available for sale in a specific time period is known as

The price that clears the marketplace of a product

What is neutral, signal in the market place

The desire to own something and the ability to pay for it.

The absence of spending is

Crops are grown to feed families, not for export in a _ _ economy