Economics midterm 2016 part 1

A person who uses money to purchase goods or services is a

which would lead to HIGHER prices

a doctor is an example of which type of resource?

when the market is balanced it is called being in

The term for a person who is actively searching for employment, but unable to find work

the amount of a product or service people want and are willing to pay

Conflicts in the Middle East frequently cause

the point where a supply curve and a demand curve intersect is called

How does productivity relate to the standard of living?

A person is paid more to work on the weekends than during the week. Getting paid more is an

which group makes and sells goods

A service is

An economic system that is based on a society's values, customs, and traditions

The fee charged for the right to borrow money is called

In this type of economic system, decisions are made by the people

economic DEMAND for a product refers to how much of a product

a combination of a market and command economy

the resources used to provide goods and services is called

the benefit you give up by choosing one thing over another

Goods are

When the price of a good increases, quantity demanded is likely to

The study of how individuals and societies satisfy their unlimited wants with limited resources

The amount of a product or service available

An increase in supply can cause a