Economics Final Review Part 1

factor of production which describes ALL natural resources

The Big Mac and Henry Ford combining the assembly line and cars are examples of

states high price will lead to a higher supply while low price will lead to lower supply

Capital factors of production such as how to build a house and a teachers' knowledge of eco

___ goods have huge changes in demand when price goes up or down...like if helicopters were $1.

___ goods are cheaper substitute goods of lesser quality

Land, labor, capital, and entrepreneurship are...

The worst economic disaster in American history

A crack house with regular gang violence decreases all home values in your hood

The MOST desirable alternative given up as a result of an economic decision

factor of production which describes unique ideas to produce goods and services

states high demand drives up prices while low demand lowers prices

the concept in a free market economy that each dollar spent is a vote for a good or service

Price floors cause ___ because the price is above equilibrium

__ goods easily replace each other...like Coke and Pepsi, Ford and Chevy

Traditional, Mixed, Centrally Planned, and Free Market are examples of

founder of modern mixed economies who said only government can spur economies in recession

___ goods have little changes in demand when price goes up or down...like gas.

___ goods are premium goods which should be higher quality.

states high supply leads to low price and low supply leads to high price

economic system of habit, custom, ritual deciding what and how goods & services are produced

Maximum price imposed by government

Author of the Communist Manifesto

______ goods go well together like cars and gasoline, movies and popcorn

economic system of complete self-interest freedom on what and how goods & services are produced

Minimum price imposed by government

Capital factors of production such as mechanics tools, carpenters power tools, & teacher chalk

American president of the 60's who believe the government should help the poor to spur economy

the driving factor in ALL economic decisions

first president to adopt the economic ideas of Keynes to solve the Great Depression

economic system of government and people decide on what and how goods & services are produced

price point where supply and demand meet and determines final price for most goods

Maximum price imposed by government

factor of production which describes human effort to produce goods and services

factor of production which describes man made tools used to produce goods and services

situations in which vital goods are not produced due to lack of profit like schools, roads

all the resources used to make goods and services

Who wrote the Wealth of Nations which stated free market is the best economic system?

economic side effects which may cause costs or benefits to people who did NOT make the decision

states demand goes up with low prices and down with high prices

Adam Smith term which means the government should never interfere with the economy

the study of how people interact to transform limited resources into goods and services

__ measures how much our demand changes when price changes

Land factors of production such as iron, gold, oil, and copper are...

Price ceilings cause ___ because the price is below equilibrium

First American Secretary of the Treasury who created a national bank to spur the economy

A new highway and shopping center increase the value of all homes in your hood.

the conflict created between people's unlimited wants and limited resources

Land factors of production such as cows, chickens, corn, and trees are

economic system of complete government control on what and how goods & services are produced