Economics Final Review BHS

Which would a company do to increase its human capital?

Your demand for a good is inelastic if you consider the good to be

corporation made up of several companies that make unrelated goods or services

people feel poorer when prices for goods increase

Which of the these products or services is likely to have an inelastic supply in the short run?

programs helping people facing hard economic times

Which nation is a mixed economy but mostly free market?

principle that people may decide what agreements they want to enter into

market structure in which many companies sell products that are similar but not identical

natural resources used to produce goods and services

JJ's rent increased,he needs to cut back on his spending.Which type of goods will he cut back

A market failure occurs when a free market is unable to

a measure of how suppliers react to a change in price

What do people supply in return for factor payments?

the simplest,cheapest and fastest type of business to form

Why are goods and services scarce?

where are traditional economies usually found?

which of the following are factors of production?

what you give up to get something else

The substitution effect and the income effect describe

Something that is generally considered to be a public good if

the point at which the demand for a product or service equals the supply

which is an example of a monopoly that the U.S. government generally permits?

consumers buy more at lower prices and less at higher prices

Which is an example of thinking at the margin

principle that people have the right to control their possessions and use them as they wish

A graph of the information in a supply schedule

stockholder's share of a company's profit

which economy is efficient?

a graph of a demand schedule

all the money a company earns by selling goods and services

when consumers want more of an item than producers will offer at a particular price

Which could cause the supply curve to shift to the right?

which of the following is likely to lead to a black market?

Suzy gets a raise and buys fancy imported pasta instead of ramen noodles.Ramen noodles are ___

which is considered a commodity?

when the demand curve shifts left or right

Which kind of goods do governments generally place high price ceilings?

illegal agreement among firms to divide the market,set prices, or limit production

The higher the price,the more produced