Economics EOC Review

In a product market, what do the households purchase?

the cost-benefit occurs when ?

When a government decreases laws

The lower a price is for a good or service, the more willing consumers will be to purchase it.

What is elastic demand?

Consumers have choices about what they want to produce

In the law of supply, if the price increases, what will the quantity supplied do?

Growth in the economy is measured by what?

In malarkey economy, who decides what to produce?

In the law of deman, if the price increases, the quantity demanded will do what?

What does the word marginal mean?

What does the production possibility curve show?

In a factor market, who provides the FOP?

Which words refers to division of labor?

What is in elastic demand?

Using laws to control what people, businesses, and governments do

What are the 4 factors of production?

What is opportunity cost?

What does the word scarcity mean?

What is specialization?

In the law of supply, when the the price decreases, the quantity supplied will do what?

3 economic questions

Which economic system allows the government to control everything?

What are rational decisions?

The more a business can charge for a product, the more the business will produce is what law?

What shifts the deman curve ?

In the law of demand, if the price decreases, the quantity demanded will do what?

What does the word resource mean?

What shifts the shoul curve ?

Which economic system is when the government has some say in regulation?