Economics

_______ curve is represented as a downward slopping line to the right

The study of how to increase the amount of available resources

freedom of people to buy, sell, and use land, and inventions are basic capitalist rights under:

____ unemployment refers to loss of jobs due to recession or a similar downturn in the economy

Both socialism and communism are variations of:

Today, the economic systems of most nations could most accurately be classified as

the study of how a society employs its limited resources to produce goods and services

________ refers to a general rise in the price level of goods and services over time.

A(n) _____ curve shows the quantity of that good people are willing and able to buy

A few large sellers dominate the market

The _____ is a statistic used to compute the pace of inflation or deflation.

Thomas Malthus believed that ______ would limit economic progress.

Founding father of economics

economic system in which the government owns all major factors of production

The point at which the supply curve and demand curve intersect

When the market price of a good is above its equilibrium value

If a shortage exists for a good in a free-market economy, the

free-market economic system in which the factors of production are owned by individuals.

Fiscal policy involves increases or decreases in

studies the operation of a nation's economy as a whole

looks at the behavior of individual people and organizations in specific markets.

A major premise of a socialist system is:

supply curve shows that an increase in the price of a good will cause the quantity supplied to

The foundation of the U.S. economic system is based on

total value of final goods produced within a nation's borders in a given year is

Which of the following is a basic right under capitalism?