Economics Final Review

What causes a shift of a demand curve

What is lost when you make a particular choice called?

a price floor set above equilibrum results in a

A cost that rises or falls depending on quanity produced

A human made object used to produce other goods and services

Two ways to make money on stock are through dividends and

Competition improves efficiency because it

A graph that shows alternative ways to use a resource is a

Better production methods will cause

The value of all goods and services produced within a countries borders is

What is lost when making a particular choice called?

Which of these economic systems have the least in common?

The largest expenditure for the federal government is

United States money is called "legal tender" or

Schmoos have an elasticity of demand of 3.2. Demand is

What do externalities indicate?

The functions of money are

Societies are faced with which three basic questions about production of goods?

Who did Karl Marx believe would benefit from socialism?

The study of behavior of entire economies is

In a market economy high wages depend on

Public goods are examples of what economists call

What is the main cause in a change in quanity demanded?

The price of hoodies would be increased by

Which of the following are factors of production?

Why are all goods and service scarce?

If you add another unit and production declines, you have reached

The legal maximum price that can be charged for a good is a

The branch of economics that examines the behavior of individuals is

Equilibrium in a market means

What is the purpose of free enterprise?

Profits are equal to

Which of the following is a negative externality?

A tax is considered regressive when

Limited life applies to

Fact that consumers have the power to decide what is made is called

Changes in quanity demanded and price have a ____relationship

What is the role of profits in a market economy?

What is an advantage of a free market economy?

Common stock and limited liability are characteristics of

Which of these countries has a command economy?

A business that produces and sells in many countries is a

A major disadvantage of a corporation is

A government payment that supports a business or market

When quantity demanded exceeds quantity supplied you have

A measure of how suppliers react to a change in price

Who are the owners of the Harley Davidson Motor Company?

Business buy resources to produce goods and services in the

The largest companies in the U.S. trade on the

This type of tax is used to discourage certain types of behavior