Unit 2 Review

B

Tend to be time consuming or expensive to produce

Prices are seen as ________ because they change with supply and demand.

Makes up the difference between target price and actual price

Bonus: What is the longest running US gameshow?

A

Decision making comparing the extra benefits from an action to the costs of taking that action

Minimum legal price which may be paid for a good or service

Bonus: Where was the first Youtube video filmed?

A measure of the responsiveness of a dependent variable to an independent variable.

Maximum legal price which may be paid for a good or service.

Point at which a business is making just enough revenue to cover its total costs.

Monetary value of a good/service determined by supply and demand

A positive change in demand at a fixed price is represented by ______ the demand curve.

Blue Line

_________ goes up whenever more is done with the same amount of resources

Amount of a product which a producer brings to market at any given price.

A time frame so brief that only the variable input can be changed.

The term used when a pro-wrestler does not perform a particular move correctly risking injury.

E

_____ links all the separate markets within an economy by offering a means of comparing value.

The extra satisfaction or usefulness from consuming one more unit of a product.

Where other factors change individual supply the market supply is affected by the ____.

A loan that carries neither a penalty nor further obligation to repay if not paid back

Branch of Economics dealing with behavior & decision making of individual units in the economy

C

Total amount of Fixed Costs

Prices are seen as ________ because they represent a compromise between buyers and sellers.

Bonus: How many feet separate the bases in a diamond

D

Products whose demand is tied together because the products are often used together

Desire, willingness, and ability to buy a product.

Extra income from production and sale of one more unit of good or service

Red Line

At higher prices producers will offer more product in the market