Economics Final Review

When renting an apartment, you should carefully read the ___________ before signing it.

When a consumer’s need for a good is urgent, demand tends to be

1. Goods or services that are required for survival

Deliberate work stoppage by workers to force an employer to give in to their demands

Economic rule stating that the price and quantity supplied move in the same direction

Economic pressure urging the public not to purchase the goods or services produced by a company

How does the process of specialization change an economy?

A critical element of entrepreneurship (as opposed to managerial skills) is

The main goal of the Federal Reserve is to do what?

For most products and services, increased price results in

Cellphones can now access the internet and take pictures; this is an example of

A table displaying quantity demanded for every given price

In order to deal with scarcity, societies must develop_________________

A prolonged rise in the general price level of final goods and services is known as

An association of skilled workers who perform the same kind of work

Changing the supply of money in circulation in order to affect the amount of credit is known as

The total income that individuals receive after personal taxes are paid is known as:

The point at which quantity supplied is equal to quantity demanded

When inflation is high the government turns to what type of monetary policy?

Economic rule stating that the quantity demanded and price move in the opposite direction

The most direct and powerful tool of the federal reserve is what?

When searching for an apartment which of the following will add to the costs?

In a market economy, what is the government’s role?

Unions are important in today’s economy because they

A country in which the government owns all the industry is what type of economy?

The value of the next best alternative given up for the alternative that was chosen.

The price at which neither a surplus or shortage of a product exists is known as

The United States has which type of economy?

Increased regulations can cause a producer to supply less which would cause the supply curve to

Society not having enough resources to produce all the things that people would like to have is

Study of how individuals and societies makes choices about how to use their scarce resources

A situation in which quantity demanded is greater than quantity supplied is known as

Unlimited wants + limited resources = ______________

1. Desires that can be satisfied by consuming a good or service

1. Previously manufactured goods used to make other goods and services

Invisible barrier that obstructs advancement

“There is no free lunch.” In economic terms, what does this mean?

Consumers’ willingness to replace a costly item with a less costly item is an example of