Midterm Review 1

Every transaction you compare your value of the good or service you are considering with the price tag of that item.

On a supply curve, a leftward shift represents a decrease in supply.

1. With Fair distribution of Income, you need to ask, who ____________ fair?

Capital goods are those goods used to produce ___________ goods

What type of economic growth when you are able to increase production w/o more land, labor & capital being available?

Who was an example in the Bible of the poor taking care of themselves?

Market Equilibrium Price is the price which the meeting of the minds between businesses and buyers agrees upon.

Whether a person does or can accumulate wealth is solely their personal?

Mathematically, a straight line is a curve with a

What is the last reason Economics is considered a science.

What is another reason Economics is considered a science.

PPC stands for Production Possibility Curve.

You need to make choices because of the conflict between limited resources and unlimited wants.

Who is considered the father of economics?

A good can definitely be labeled a normal or inferior good.

1. II Thessalonians 3:10 says that if you don’t work, you shouldn’t?

What are rent, wages, interest and profit?

When the government takes in more taxes that what they purchase it is called a stimulas check.

What is land, labor, capital and entrepreneurship?

What type of economic growth when you are able to increase production due to more land, labor & capital being available?

What is one of the reasons Economics is considered a Science.

On a demand curve, a rightward shift represents an increase in demand.

The Economic Model that gives you the least amount of data is a PPC.

There is no such thing as a free lunch.

To understand the consequences of your choices, you need to understand: