Econonomic Fundamentals

a change in ___ will shift the demand curve to the left or to the right 

the basic economic question, when there are not enough resources to meet your wants & needs

goods that are ___ in demand: if a change in price has a big effect on quantity demanded

the usefulness of a good or service to us

strugle between consumers & producers to get the best products at the lowest prices

if demand decreases, the demand curve will move  ____

goods already made that assist you in making other final goods or providing services

refrigerators & trucks are examples of ___ goods

a dictator tells businesses what to produce, how much to produce, & to whom it can be sold

$ (in the labor market) in the form of wages  flows from the ____ into the ____ 

when buyers & sellers voluntarily exchange money for goods & services 

tangible objects we use to satisfy our wants & needs

a demand curve shifts left or right but always slopes __ while a supply curve always slopes __

how much of a product that is available

a ___ good may last for up to 3 years or less 

an assembly line is an example of ____, one of the main ways to increase productivity

the alternative you face if you choose to do one thing over another is called a/n  ___

the business that provides the good or service is the ____; the ___ purchases the good/service

ppl who live basically the same way as the last few generation have this kind of economy

the consumer has power to determine what will b produced in a free market economy is called _

English economist Adam Smith believed that an economy was better off if the govt left it alone

what you give up doing in order to gain from doing something else

if the change in a price of a good does not affect how much is bought, then it's considered ___

a model for predicting how many items can b produced at a given time

the study of how people or nations decide to use their limited resources 

$ from households flows __ businesses (in the product market) when buying goods & services

the amount of output produced by a given number of inputs in a period of time

advantages of living in a ___ economy: it's usually stable & resources r distributed evenly

an entrepreneur is ___   (may choose more than 1 )

what forms the basis of economic decisions in our nation

maximum price of a product or service; set by the government

any kind of human effort, mental or physical, put into producing a product

 a tractor is an example of what factor of production?

when the quantity supplied is greater than the quantity demanded at a given price