Business I - Unit 1

The dollar value of all goods and services produced in a country during a single year

The Law of Supply says if price goes up

The equlibrium point is

The fiscal policy deals with taxes and spending.

Opportunity cost is the item that you chose to do.

System in which individual consumers and producers make economic decisions

Below the equilibirum...

System where custom, traditions, and religion answers the three questions

Opportunity cost does not apply to business - producers?

Not having enough time is an example of..

Which of the following is not an economic indicator?

The amount of something a producer is willing to sell.

Supply and demand are how decisions are made in a market economy.

The value of the next best alternative that is given up for the actions that is chosen is the

The opportunity cost of taking a vacation instead of buying a new car is not getting a new car?

Which of the following is NOT a need

The amount of something a consumer is willing to buy.

Scarcity exists when wants are greater than the resources available to satisfy those wants.

Above the equlibrium price is a result of

The Law of Demand say if price goes down

Sherlock is deciding between a Twix and a Kit Kat he chooses Twix. The opportunity cost is...