Unit 6 Review CE

a rational economic decision is to accept an option when

What forces people to make economic choices

What does a demand schedule show

change in taxes

Which is an example of a resource

Which is a human resource?

Which is an example of a want

Market demand curve slopes downward becasue prices go

change in cost of raw materials

Loss of years of income for the chance to go to college is

Which is an example of a need

The way a country produces things people want and need

If 20 bottles of soda are $2.00 each what is the toal revenue?

Where are maximum profits found

usefulness of a product

What is economics

Economic system where government controls business

Choosing to buy a new phone instead of something else

total cost=5,000 amount made=1,000 total cost=

When supply and demand meet

A surplus indicates that

What factor has the most impact on the quantity supplied of a product

Studies the decisions of large businesses and corporations

Economic system where individuals control supply and business

Fixed cost= $1,000 variable cost = $500 total cost=

What does a cost benefit analysis compare?

What is the main purpose of government price controls

Studies the decisions of individuals

Primary motive in business is to

Change in number of consumers