Econ Test Review (Economic Systems, Supply/Demand)

In a market system, consumers make decisions based on __________

The human effort used to produce a good or service:

Which of the following is NOT one of the 3 Economic Questions?

A decrease in the number of producers will cause:

The Law of Demand states:

Which of the following is NOT one of the Factors of Production?

A decrease in the number of consumers will cause:

An increase in the Cost of Inputs will cause:

An economic system in which business owners and consumers make most of the economic decisions:

A government subsidy to promote production of an industry will cause:

All human made resources used to produce a good or service:

An economic system which has a combination of government control and consumer choice:

The Law of Supply states:

All natural resources used to produce a good or service:

An increase in the price of a good will cause:

An economic system in which a government makes most of the economic decisions:

The knowledge or skills a person gains through education or experience:

An increase in income will cause:

If the price of hot dog buns decreases, what will happen to the supply/demand for hot dogs?