USAD Econ-1st version

Scarcity is a(n) _______ fact of human existence.

Economic analysis relies on which of the following elements?

The _____ occurs when the allocation of resources cannot improve without reducing a group

the difference between what a buyer would be willing to pay and what he actually paid

____ concentrates on individual behavior and the operation of particular markets.

You go to a hockey game rather than write an English essay. This is an example of __

when increase in the price of one good leads to an increase in the demand for another good

_______ results when you have limited resources but limitless wants

___ refers to economic analysis without including value judgments

a good or service for which demand is positively related to the buyer’s income, best defines -

"the quantity demanded is negatively related to the price" best defines ____

When someone examines the benefits and costs of an action, they are using _____.

________ tend to gravitate toward the equilibrium quantity and price

___ occurs when no participant in a market has reason to alter their behavior

"the cost of any choice is what must be given up by making that choice", best defines ___

"When a lower price for one good causes demand for another good to increase" best defines

_____ is the difference between a person’s disposable income and his or her expenditures

The downward sloping line graphing a demand schedule is known as the

"the quantity supplied is positively related to the price", best defines __

All these actions will cause a shift in market supply curve for gasoline, EXCEPT