Economics Final Review Part 1

__ goods easily replace each other...like Coke and Pepsi, Ford and Chevy

Maximum price imposed by government

the conflict created between people's unlimited wants and limited resources

economic system of government and people decide on what and how goods & services are produced

Price ceilings cause ___ because the price is below equilibrium

economic system of complete self-interest freedom on what and how goods & services are produced

factor of production which describes man made tools used to produce goods and services

Maximum price imposed by government

Traditional, Mixed, Centrally Planned, and Free Market are examples of

first president to adopt the economic ideas of Keynes to solve the Great Depression

the study of how people interact to transform limited resources into goods and services

Minimum price imposed by government

______ goods go well together like cars and gasoline, movies and popcorn

Capital factors of production such as how to build a house and a teachers' knowledge of eco

states demand goes up with low prices and down with high prices

Adam Smith term which means the government should never interfere with the economy

___ goods are cheaper substitute goods of lesser quality

price point where supply and demand meet and determines final price for most goods

Author of the Communist Manifesto

First American Secretary of the Treasury who created a national bank to spur the economy

Land, labor, capital, and entrepreneurship are...

A crack house with regular gang violence decreases all home values in your hood

the concept in a free market economy that each dollar spent is a vote for a good or service

economic side effects which may cause costs or benefits to people who did NOT make the decision

states high price will lead to a higher supply while low price will lead to lower supply

___ goods are premium goods which should be higher quality.

factor of production which describes ALL natural resources

founder of modern mixed economies who said only government can spur economies in recession

Price floors cause ___ because the price is above equilibrium

American president of the 60's who believe the government should help the poor to spur economy

Who wrote the Wealth of Nations which stated free market is the best economic system?

Land factors of production such as iron, gold, oil, and copper are...

states high supply leads to low price and low supply leads to high price

situations in which vital goods are not produced due to lack of profit like schools, roads

states high demand drives up prices while low demand lowers prices

The worst economic disaster in American history

factor of production which describes unique ideas to produce goods and services

___ goods have huge changes in demand when price goes up or down...like if helicopters were $1.

the driving factor in ALL economic decisions

economic system of habit, custom, ritual deciding what and how goods & services are produced

Capital factors of production such as mechanics tools, carpenters power tools, & teacher chalk

A new highway and shopping center increase the value of all homes in your hood.

__ measures how much our demand changes when price changes

The MOST desirable alternative given up as a result of an economic decision

factor of production which describes human effort to produce goods and services

___ goods have little changes in demand when price goes up or down...like gas.

all the resources used to make goods and services

economic system of complete government control on what and how goods & services are produced

Land factors of production such as cows, chickens, corn, and trees are

The Big Mac and Henry Ford combining the assembly line and cars are examples of