PFET Unit 1

A situation in which a good or service in unavailable

The part of the business cycle when unemployment begins to decrease

when producers are fighting each other for the consumers business

What kind of system in the United States economy based on

To many people Pepsi and Coke Cola are considered

The lowest point in the economic cycle

To many people hamburgers and french fries are considered

An example of shortage is

The highest part of the business cycle

If quantity supplied exceeds the quantity demanded, this is called...

All goods and services are scarce because

The most desirable alternative given up for a decision is called

A situation in which households purchase the goods and services that firms produce

Limited quantities of natural resources to meet unlimited needs or desires

When a goods price is lower, more people will buy it.

Name of the market in which households the goods and services that firms produce

Which of the following is an example of how improved technology can lower costs of an item

What is the principle of the Law of Demand

When a good in not available this good will be purchased

This is a tax on the production or sale of a good

Buyers will purchase exactly as much as sellers are willing to sell

A good that consumers demand less of when income rises..

Sum of money the government gives to assist companies to help the companies compete

A good that consumers will demand more of when their income increases

When a consumer is able/willing to buy a good or service, they create which of the following

When the price of a product goes up how does the producer of that product respond

Which of the following is NOT a characteristic of a centrally planned economy

A farmer increases the number of acres of wheat grown to supply bread manufacturers represents

When demand for product A goes up the demand for product B will also go up. These are

Paid effort that people devote to a task