Economics Final Exam Part 2 (Ch 1-5)

When you go to work and sell your labor to your employer, you are engaged in

Production period long enough to adjust quantities of all resources.

What is consumer sovereignty?

A change in price causes a proportional change in quantity supplied.

Which of the following is a characteristic of a free enterprise economy?

A way of organizing work so that each worker/group completes a separate part of the overall task?

Paying a person or business to encourage or protect a certain economic activity is called

In a free market economy what should the level of government intervention be?

The sum of people's skills, abilities, health, knowledge and motivation is known as

The Law of Supply states that ____ will be offered for sale at higher prices than lower prices.

What is competition in the Free Enterprise System?

Measuring the degree to which quantity supplied responds to a change in price.

When you spend the money you earned in the factor market, you use it to buy goods and services in a....

The ______ of Production consist of increasing, decreasing, and negative returns.

What is inflation in Economics?

What is minimum wage?

This location or mechanism allows buyers and sellers to exchange goods and services.

A(n) ________________ in supply causes the supply curve to shift right.

Listing of various quantities of a particular product supplied at all possible market prices.

As economies around the world develop more fully, countries have become more and more economically interdependent?

What is Social Security?

A change in price causes a smaller change in quantity supplied.

Very short production period in which only variable inputs can be changed.

When a country increases the amount of the goods and services it produces, it is known as

A measure of the amount of goods and services produced, within a given amount of resources, in a specific period of time

What is profit motive?

Which of the items below is not one of the 4 factors of production?

Situation in which suppliers sell different amounts of a product at all possible prices.

Who ultimately controls what is produced in the free enterprise system?

What type of economic system do we currently have in the US?

Total output produced by firm.

What is an entrepreneur?

Presidents Kennedy and Nixon outlined the five rights of a customer, this led to the birth of

What organization is tasked with protecting the American economy through the use of regulations?

The amount of a product produced, grown, or acquired at all possible prices in a market.

What is voluntary exchange?

Which factor(s) cause a change in supply?

What is the driving force that leads to the free enterprise system growing?

Extra output or change in total product caused by adding one more unit of variable input.

What is a mixed economy?

In the USA, consumers and producers make the majority of the What, How and For Whom decisions. What is this called?

A change in price causes a larger change in quantity supplied.