Micro, micro, micro!

When quantity demanded is greater than quantity supplied a _______ is created.

Which shows law of supply?

An advantage of sole proprietorship and partnership is

Where supply meets demand?

If a small increase in a good's price causes a large decrease in quantity demanded the good has

In the circular flow, where do businesses sell the goods and services they produce?

Based on the law of demand, when price goes up, demand goes _____.

Matt and Walt decide to share the risks and profits of being in business together, they form a

How were goods and services exchanged before money?

A small price increase for a cell phone package has little effect on its demand. This indicates

Fairly easily entry, some price control, similar products are characteristics of

In the circular flow, where do individuals spend the income the earn?

The incentive for entrepreneurs to start new business is

Where do businesses get their money back from households?

A new oven at Rollz bakery allows more efficient and cheaper production, what is the effect?

What is a likely result of apartment rent control (price ceiling)?

"Money is the medium of exchange," what does that mean?

What would cause the demand curve to shift to the left?

What does the circular flow demonstrate?

If OPEC decided to cut oil production for the coming year,what would be the most likely effect?

In the US economy, which product would see LESS change in quantity demanded if the price rose.

In this market structure, goods and services are identical.

Factors: Income increase and price of complementary product decreases, what if impact?

Entrepreneurs develop new goods to start businesses, why is entrepreneurship so hard?

Peter Griffin starts a business and is responsible for debts and decisions, this is an example

After A&E grill paid all of their bills, they had a lot of money left, what can be concluded?

What do individuals contribute to the circular flow?

Disease has decreased the supply of beef in the United States what will the supply curve do?

A decrease in price of a specific product will result in

This type of business requires a charter and is owned by stockholders.

Which factor might cause an increase in the supply of a product?

What type of market structure is represented by the picture?

A price ceiling is set below the equilibrium, this will create what in the market?

Supply increases when price increases because of this supply curve is

In free enterprise, what drives people to risk savings to start a business?

A new machine allows harvesting of bananas to double, what happens to price of bananas?

According to the circular flow, where do individuals sell their labor?

This is a diagram that shows the exchange of goods and resources in a market system.