Micro, micro, micro!

Supply increases when price increases because of this supply curve is

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

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

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

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

What do individuals contribute to the circular flow?

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

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

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

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

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

An advantage of sole proprietorship and partnership is

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

How were goods and services exchanged before money?

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

A decrease in price of a specific product will result in

Where do businesses get their money back from households?

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

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

The incentive for entrepreneurs to start new business is

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

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

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

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

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

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

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

What type of market structure is represented by the picture?

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

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

Which shows law of supply?

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

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

In this market structure, goods and services are identical.

What does the circular flow demonstrate?

Where supply meets demand?

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

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