Econ Final Review

Making decisions based on additional benefit vs. additional cost is known as?

What are tools, equipment, and facilities used in production called?

What does a PPF graph show?

What refers to the level of wealth, comfort, and necessities available to a person or community?

What government policy involves managing the money supply and interest rates to influence the economy?

Income received for supplying factors of production is a?

Assignment of different tasks to different people or groups is?

What is the central bank of the United States?

A business owned and operated by one person is a?

What measures how much the quantity demanded responds to a change in price?

The initiative to combine resources to produce goods and services is?

An economy combining elements of both market and command economies is a?

Skills, knowledge, and experience possessed by an individual or population is known as?

What allows consumers to borrow money up to a certain limit for purchases, paying back with interest?

Natural resources used in production are categorized as?

Which of the following is NOT one of the 4 factors of production?

What economy has decisions made by individuals and businesses based on supply and demand?

Which is one of the 3 fundamental economic questions?

A maximum price set by the government for a particular good is a?

A business owned by two or more individuals sharing profits and responsibilities is a?

When the demand curve shifts to the left, what happens to demand?

Why are foreign exchange rates generally floating/flexible?

What organization is a political and economic union of member countries primarily in Europe?

Human effort used in production is known as?

Who collects taxes in a mixed economy like the US?

When quantity demanded is relatively unresponsive to price changes, it is?

A market structure where a single seller controls the entire market is a?

Government regulation of prices by establishing maximum or minimum price levels is?

What law states that additional satisfaction from consuming more of a product decreases?

What is the concept of giving up one thing to gain another?

The price at which quantity demanded equals quantity supplied is the?

Focusing on a narrow range of products or services to gain greater efficiency is?

A payment made by the government to individuals without goods or services in return is a?

When the demand curve shifts to the right, what happens to demand?

Spreading investments across various assets to reduce risk is known as?

What aims to correct market failures, protect consumers, and ensure fair competition?

Who organizes and operates a business, taking on financial risks?

What is the expected positive outcome from a decision or action?

A pool of funds from many investors to invest in a diversified portfolio is a?

What economy has the government making all economic decisions?

The ability to produce a good or service at a lower opportunity cost than others is?

A good that can be used in place of another is a?

What is the value of the next best alternative given up when making a decision?

What is the point where quantity demanded equals quantity supplied?

What international organization regulates trade between countries to ensure it flows smoothly?

What illustrates the movement of goods, services, and money between households and businesses?

What law states that as price increases, quantity supplied increases?

Which is NOT a necessary legal institution for a stable economy?

What refers to the limited nature of society's resources?

What law states that as price decreases, quantity demanded increases?