Ch. 16 Basics of Economics

The additional income received from increasing one unit of sale is called

Type of economic system that answers the 3 basic ?'s through habit and custom is a

The amount that consumers are willing and able to purchase is called

Which item represents a need

The study of how individuals and nations make decisions with limited resources is called

A demand curve shifts to the left when

Businesses utilize this when making decisions among various projects

Which factor has the MOST significant influence on the quantity supplied of any product

The horizontal axis of a demand curve displays

Choosing to buy one type of product instead of another (your next best alternative) is called

A tangible, physical object that can be bought, sold, traded or exchanged is called a

An example of a want would be

The mixed economic system in the U.S. is MOST influenced by

Type of economic systems that answers the 3 basic ?'s through government planning is a

The scarcity of any of these leads to the necessity of economic decision making

The amount that producers are willing and able to produce is called

Two factors that could increase the supply of a product in the market would be

Which of the following are examples of resources?

Which of the following are factors of production?

The vertical axis of a supply curve for a product displays

Which of the following would be a characteristic of a market economy?

Choosing to buy a product over ALL other products is an example of a

Which product has the most inelastic (does NOT move much) demand?

Which of the following items are complements?

An action performed by someone else. example having your taxes prepared for you

Market clearing occurs at this point, Smith called this natural price

According to the rule of marginal analysis, one should continue producing a good or service

The force of supply and demand work together in markets to

Which of the following would be an example of WHAT to produce?

Type of economic system that answers the 3 basic ?'s through interaction of supply and demand

This occurs when the quantity supplied is greater than the quantity demanded

This occurs when the quantity demanded is greater than the quantity supplied