Economics Semester Test Review I

This type of economy is the most susceptible to natural disasters?

This market structure offers no barriers to entry.

Limited nature of society's resources

What do Socialism and Communism have in common?

In which economic system do firms, consumers, and the government answer the key economic questions?

Most economic systems exist on a continuum between

What country is an example of the Traditional Economic System?

Basic requirements for human survival

money held out of gross pay

People swap a more expensive item for a less expensive one

This is NOT a macroeconomic goal

Amount of a good available

We must have land, labor, and capital to produce. What do we call these necessities collectively?

A role of government in the US economy is to

Adam Smith's concept of the invisible hand is best described as

This market structure has the strongest price controls.

The point where supply and demand curves meet.

In which type of economic system is consumer sovereignty most valued?

The study of allocating scarce resources

Wanting something and being able to buy it.

The business cycle is best described as a

Which is not one of the three key economic questions?

These businesses are easy to start but have limited life.

As people consume an item, they get less additional satisfaction from each unity they consume.

a three-digit number that summarizes your credit history based on your financial behavior

Which describes human capital?

PACED grids are valuable tools because they help us

A benefit of technology is that it

As price increases, so does production.