Econ Chp. 21

The purpose of government price controls is to

Which causes a change in demand?

One characteristic of a market economy is 

The demand curve shifts to the left when 

The desire, willingness, & ability of a person to buy a good or service

The most significant influence on quantity supplied is 

Which factor causes the supply of a product to decrease 

A demand schedule shows which of the following 

The demand for goods and services in one area would increase if 

Different brands of laundry detergent that are competing products are called i

________ is one advantage of the price system. 

_____ is known as the desire, willingness, and ability to buy and good or service

Graph that shows the amount of a product that would be supplied @ all possible prices is called

The principle that suppliers will offer more for sale at higher prices & less at lower prices 

Which of the following shows how changes in substitutes influence demand?

_____ __ ____ states that quantity demanded and price move in opposite directions

Combined supply schedules of all businesses that provide the same good or service is called

The horizontal axis of a demand curve displays 

Demand for a product increases when 

The total demand of all consumers to buy a product or service is called 

Quantities of good or service that producers are willing 2 sell @ all possible prices is called

Costs of resources is known as 

When the government makes a payment to a person, business, or group for certain actions 

The vertical axis of a demand curve for a product displays 

The demand curve shifts to the right when

A surplus means that 

BONUS! Who is the best econ teacher?

Ipods and headphones are examples of what 

Methods or processes used to make goods and services is called

People who start businesses want to 

Demand is likely to be inelastic for goods that 

Prices are established by ____ in the U.S.