Basic Economic Principles

This type of economy provides the least economic freedom for citizens. 

When price of an item rises and other factors remain unchanged, demand:

The idea that the government should stay out of economic matters

This economist believed that an "invisible hand" guides the economy

A market in which there are many buyers and only one seller is known as:

Total cost for a business includes

This type of economy has the MOST economic freedom

The study of the Economy as a whole

Economist who wrote "Communist Manifesto" and believed socialism would evolve into communism

Profit is calculated by:

Minimum wage is an example of:

as the price of an item rises, and other things remain unchanged, supply:

There are 3 questions we must answer to solve scarcity. Which is NOT one

A surplus signals that price is:

This is the type of economy the U.S. has

Which of the following is NOT one of the four factors of production

The study of individual consumers and businesses

The point where supply and demand achieve balance is:

When prices of a good or service rise, it is a signal to the producer to:

The concept that all things we need and want are limited, there is not enough for everyone.

An individual who starts a new business, introduces new products, improves techniques is an:

This is the name for a large business owned by stockholders. 

Increase in prices, value of money decreasing, higher minimum wage are signs of:

If demand is highly sensitive to price changes, you can conclude that the good/service is:

The idea that each additional unit of a product is less valuable than the one before it is: