Econ Mid-term Review

A traditional economy is one in which people perform roles in society that have been established for generations

Any producer is known as a

A good that is considered the same no matter where you get it

Which of the following is considered to be price discrimination?

The cost of microchips used to make cellphones has suddenly increased, this will cause

the knowledge and skills a worker gains through education and experience

 The United States Post Office is an example of this type of monopoly.

A good that consumers will no longer purchase once they have enough income

Pineapple juice just became incredibly expensive. I'm switching to orange juice. Orange juice is a...

You have to buy paintballs before you can use a paintball gun. The balls are best described as

A decrease in the price of a substitute good would cause

A sudden shortage of goods in the supply chain

This market structure has no competition

Perfect Competition: - many firms, identical products, no barriers to entry, no price control

Mr. Reichard's dog is a (No, this question isn't on the test)

The goal of government regulation, at least in the US is..

Which market system is under strict government control

The term scarcity means

New technology reduces the costs of making digital cameras. The supply curve will:

Which is NOT an example of differentiating products

An economy that is producing below the maximum amount of goods and services possible is considered

The period of the business cycle in which real GDP is increasing is called the

A country that is experiencing a time period of low unemployment and low poverty rates will most likely also

A decision-making process by which you compare what you will gain and what you will lose

  The extra cost of adding one more unit

Market structure where a few firms control 70-80% of the market

What is the definition of equilibrium price?

What type of exchange is described as buyers and sellers freely and willingly engage in market transactions?

A farmer's market is a great example of

 Reducing military spending to save money for road work is is an example of...

A natural monopoly is

Minimum wage is an example of a

A restaurant invests in new iPads for the wait-staff to manage seating. This is an example of

Economic system in which people are free to exchange goods via voluntary exchange

This type of economy has a combination of public and private industries

The most desirable alternative given up as a result of a decision

Monopoly: 1 firm, nearly impossible to enter the market, Price control, 1 unique product

Oligopoly: 4 or less firms, price fixing, high barriers to entry, standardized products

A sudden spike in the price of Wendy's food leads families to cook from home. This is...

When a few firms set the same, agreed upon prices it is known as

The price elasticity of demand measures

Monopolistic Competition: -Many firms, few barriers to entry, similar but differing products, little price control