1st 9 weeks Econ Exam Review

What is a demand curve?

Circular flow model shows

Benefits offered to encourage people to act in certain ways are

In a market economy the real power in the market place is held by the

What motivates producers to increase supply

Physical products that can be purchased are called?

What is a demand schedule?

Which of the following describes a demand curve

The time, effort, and talent that go into the making of products is called?

The ongoing tension of not having enough resources to meet human wants is called?

change in the amount consumer will buy because their money has changed

Suppliers in the product market are

Physical products that can be purchased are called

The equilibrium price in the market is determined by

Everyone having the same economic rights under the law is called

Nation where gov't plays limited role in economy

When quantity supplied of a good is equal to the quantity demanded at that price is

The ability for everyone to enter and compete in the marketplace is called

Which is based mainly on individual choice?

Which of the following restates the law of demand?

goods and services that can bu used in place of each other

The situation in which the quantity supplied of a good is greater than the quantity demanded?

The benefit or satisfaction gained from the use of a good or service is called a(n)

A need is fulfilled by

The desire and ability to produce and sell a product is

Which involves making economic choices based on customs?

In economic terms property means

The law of supply states that

Which involves having the government make most economic decisions?

Goods and services that are used together

A decrease in demand causes equilibrium prices to

What do various points along the demand curve represent

The the result of quantity being greater than quantity demanded is called?

What you give up by choosing one alternative over another is

The study of how people choose to use scarce resources to satisfy their wants is called?