ECON Final Review 1

Most countries in today’s world are considered to have what type of economic system?

The economic role of the U.S. government is ultimately decided by the:

What are the 2 general types of markets that consumers and businesses participate in?

Demand is not just desire, it is Desire + ________________ + _________________.

The PPC shown is an example of what within the market place?

The government should have what type of role in a Free Enterprise Economy?

This is the reason people aren't willing to pay as much the 2nd or 3rd time they purchase goods

Which of the following is an example of economic equity in the market place?

Shift of the demand curve when people buy different amounts at every price.

In economics, ____________ and ____________ determine value.

What levels of government are involved in U.S. economic decision making?

What is an example of a traditional economy?

Market where goods and services are bought and sold is referred to as what?

The higher a price a producer can charge for a good, the more of it you will want to sell.

Adam Smith proposed the idea of the “Invisible ______” that guides the market.

What would new television technology coming out in a year do to the demand curve for TVs today?

Which of the following groups is/are eligible for social security?

________________ causes movement along the demand curve.

Which of the following is an advantage of a traditional economy?

Why is it important for a business to know if they are producing elastic or inelastic products?

Which of the following is a disadvantage of a traditional economy?

What is the biggest opportunity cost people face every day?

Manufactured goods that are used to produce other goods and services are referred to as what?

Consumers will buy more of product at lower prices and less of a product at higher prices.

Economists think in terms of what 2 types of costs?

Change in quantity demanded due to a price change that makes other products more or less costly

Which of the following is a country with a command economy?

Ability or capacity of a good or service to be useful and give satisfaction is referred as:

What do we call the agreed upon price for a good by businesses and consumers?

Increase in income causes a fall in demand in these goods:

In order to be considered an economic product, the good must command a ______ in the market

Economic system that mixes traditional, command, and market economies into one system.

Change in price causes a relatively larger change in quantity demanded.

What do we do to combat the scarcity issue in every day life?

In the PPC, if we move from “Point C” to “Point D” what would be the opportunity cost?

Suppliers want to offer more at ______________ prices and less at ______________ prices.

A measure of responsiveness that shows how a variable responds to a change in another variable

Alternative that is available whenever a choice is to be made is referred to as what?

Society Faces a short-run tradeoff between ______________ and _______________.

Amount of a product offered for sale at all possible prices.

Combination of desire, ability, and willingness to buy a product.

Part of economics that studies small units, such as individuals and firms.

________________ causes a shift in the entire demand curve itself.

Study of how individuals, etc. allocate scarce resources to satisfy unlimited wants and needs

Which of the following is an advantage of a command economy?