Econ Final Review - #1

An example of an individual producing a service would be ____________.

Which point represents the economy is producing its maximum possible quantity of tubas?

A ___________ cost does not change due to how many goods are produced.

A shift in demand for apples is caused by a change in ________.

An economic system in which the government has complete control is

At which point can the economy not currently produce?

Traditional economic systems are ________.

An example of a consumer buying a good would be ______________.

Revenue - cost of production =

Inelastic demand occurs when

Law of Diminishing Marginal Returns states that as production increases, marginal product will

Which point would represent underutilization of societies' resources?

The study of an individual firm and its production decisions would be an example of:

Economics is the study of how society manages its _______________ resources.

The study of the unemployment rate in the United States would be an example of

What point represents an efficient use of society's resources?

In a traditional economy the exchange of goods and services is based on

An example of a variable cost would be a(n)

A decrease in price causes a/an ___________ in quantity supplied.

An increase in a good's price causes a/an _______________ in the quantity demanded.

The factors of production include

The United States economic system most closely resembles a

Entrepreneurship is the practice of ________.