Introduction to Business Ch-3/1

Which of these happens, according to a supply curve?

The demand curve will shift to the _____ and the prices will _____, if buyers’ incomes increase.

As price of a good or service increases, in general, the quantity demanded:

Which of these is caused by an increase in consumers’ incomes?

___occurs when workers lack thenecessary skills for available jobs orbecause the skills theyhave are no longer indemand.

During an economic recession, consumer spending _____ and unemployment _____.

If the cost of producing a good or service increases, the supply curve will shift to the _____ and the price will _____.

Which of these best describes a graph showing the amount of a product that buyers will purchase at different prices?

A demand curve will shift to the left if the _____.

If the prices of substitute goods decrease, the demand curve will shift to the _____ and the price will _____.

An industry has many competitors, each has no significant control over price, it is fairly easy to enter the industry:

As the number of suppliers of a product increases, the supply curve shifts to the _____ and the price will _____.

Most industrialized nations operate economies based on _____.

The point where the supply and demand curves intersect is the _____.

In which of these systems, incentives to motivate employees to perform are at their highest level?

The supply curve will shift left when:

_____ is experienced by members of the workforce who are temporarily not working but are looking for jobs.

During economic recession:

If the government of a country takes in more money than it spends, it is said to have a _____.

A demand curve is the schedule that shows the relationship between the price of a product and the _____.

Which of these is a commonly used measure of nation’s total productivity?

If the number of buyers decreases, the demand curve will shift to the _____ and the price will ____.

_____ has a blend of both planned economy and private enterprise system.

Which of these is caused by increases in the prices of raw materials and other factors of production?

Under the economic system of communism, _____.

_____ is an economic system in which private property is eliminated.

_____ refers to the willingness and ability of buyers to purchase goods and services at different prices.

An economist studies the consumer behavior in a particular area. This is an example of _____.

If US were to consider converting the U.S. Postal Service into a privately held business, it would be an example of ___.

Under which of the following conditions, the equilibrium price is established?

________ amounts to a balance between what we want and what we can afford.

Monopolistic competition has _____.

What are the three major types of economic systems?