Intro to Economics

Adam Smith said the market would take care of itself. This concept is called???

The maximum amount one is willing to pay to consume that additional unit of a good or service.

The way goods and services are produced and consumed.

The amount of something available is called

The price of the good you selling never shifts the supply or demand curves? T/F

The supply curve always runs toward the ______?

Producers are free to decide what to produce, consumers are free to buy what they want or need.

The buying and selling that takes place in the world.

The government decides what is produced and how much is produced. This is a

an economic model that compares the marginal costs and the marginal benefits of a decision.

Hands off economics-no government involvement, guided by the invisible hand.

When the quantity demanded = the quantity supplied.

Someone who makes or offers goods or services to others.

Combination of people and government control like the US

Someone who acquires goods and services for his or her own personal use.

The financial gain from the goods and services they offer.

The unemployment rate in the United States is 5.3%. This is an example of

A situation in which there isn't enough resources available to satisfy a person's needs/wants.

the cost added by producing one additional unit of a product or service.

The quantity demanded goes up for these goods when income goes up.

Travis can sell a cow today make $340 or buy a combine that will double his corn crop next fall

In the pearl exchange, a buyer was forced to cut his prices because other buyers were cheaper.

The measure of usefulness or satisfaction one gets from a good or service is called?

If the demand goes up the curve always shifts to the ?

The introduction of milking machines have increased supply. This is an example of

I went to the movies to watch "Bumble Bee" and it was so good; I'll pay $12 to go back.

With only 3 pearls to sell, consumers were raising the price without the buyer doing anything.

Teri can make $30 extra per day by making 3 more rolls of roping. This is called her

Would have been the typical economy colonial times-Hunting & fishing for the good of all

If supply goes down the curve always shift in which direction?

The benefit you give up by choosing to do one thing over another.