Unit 8 Economic Markets and Factors

A free market economy would have how much government involvement or government regulation?

The concept that people will buy less of something at a higher prices is known as what effect?

All are signs of a business that is going bad EXCEPT?

Many businesses fail for all of the following reasons EXCEPT?

The concept made famous by our 40th President that included a decrease in corporate taxes is?

If price goes up than demand goes?

An economy with little government involvement, prices set by supply and demand is known as?

A positive relationship between the amount supplied and the price of the product is the law of?

What is used as an indicator to gauge the health and size of a nation's economy?

A temporary economic decline lasting for at least two quarters in a row is known as what?

These economists believe that markets function well and an active government is best. 

A source or supply from which a benefit is produced or created out of is known as what?

Products that are often used together such as cars and gasoline are said to be what?

Junk Food, Jordans, or Video Games are examples of what?

Scarcity is considered a measure of ________.

All of these are considered substitutes for buying gasoline except?

Fresh Water, Shelter and Food are all examples of what?

The point reached when one more of a product or good consumed is less satisfying is known as?

These types of economists believe that a hands off government works best. What type are they?

What social science studies how people and nations make choices on allocating scarce resources.

The idea that consumers or people will buy more of something if costs is known as the law of?

A sustained, long-term downturn in economic activity lasting for several years is known as what

The act or an instance of exposing or letting something be known to all is known as?

The highest valued alternative given up as a result of making a choice is known as what?

A good or service that can replace another good or service is known as what?

A state where economic forces such as supply and demand are at a perfect balance is known as?

Something that there is not a lot of or is not always available is said to be what?

The two methods to getting money to start a business include getting a loan from a bank and __?