Donny Yeager Econ Exam

Buying the same amount or just a little less of a good after a large price increase, the demand is...

Growth in the money supply

amounts you can subtract or deduct from your gross income

Capital derived from the savings of a country's own citizens

A buisness owned by a single individual

A written document estimating the federal government's revenue and authorizing its spending for the coming year

the income people receive in return for supplying factors of production- land, labor, or capital.

This occurs when quantity supplied is not equal to quantity demanded in a market.

Keynesian economist

Occurs when consumers want more of a good or service than producers are willing to make available at a particular price

What is the simplest market structure

Non-profit organizations...

an increase in efficency gained by producing more output without using more inputs

a political system based on the belief that wealth should be evenly spread throughout society

"Legal tender" money

Companies moving parts of their operations to other countries

Oligopoly looks like a(n)______ form of monopoly

The use of resources in such a way to maximize the output of goods and services

The ability to be used as, or directly converted into cash

benifits low income families, some people with disabilities, and elderly people in nursing homes