Economics Final Exam Review

Gas would be a/an ______________ good because I will pay for it no matter how expensive it is

Another term for Free Enterprise is ___________

The value of the best alternative you must give up is known as what?

A barter is an exchange of goods that does not use ___________ as the medium of exchange

Unlimited wants but limited resources is known as what?

A business that is owned by only one individual is called a ______________________

Where the supply and demand curve intersect it is called __________________

What way does the demand curve slope?

The supply curve slopes __________________

An economy where the government owns most all businesses is called what?

Who makes the business decisions in a free enterprise economy?

If the Fed lowers the reserve requirement what will happen to the money supply

If price increases then quantity supplied will ______________

Form of economics that focuses on the performance of the economy as a whole

What is the best known medium of exchange in the US?

An economy that has both elements of free enterprise and socialism.

Who owns a corporation?

Which is not considered capital?

What productive resource is an example of a land resource?

Situation in which the federal government expenditures are greater than tax revenues

What are examples of capital used by a business owner to increase production?

This market only has one seller

What is a tax that taxes gasoline, tobacco, and alcohol?

I would choose a substitute because it is more

A risk-taker who attempts to maximize a profit by creating a new product or improving a product

This market has many sellers, the goods sold are identical, and it is easy to enter and exit

As price increases then quantity demanded _______________