Economics 1

This is the production function

This is a factor that can cause change in demand

This is the demand curve

This is the measure of how much change in quantities supplied will occur when the price of a good changes

This is an example of a durable good

When a change in price and total expenditures move in opposite directions, demand is said to be this

This is what is meant by diminishing marginal utility

This is what causes the value of something to rise

In this economic system people own and control all personal wealth

This question helps determine the demand elasticity of a product

According to Adam smith, this is the incentive to improve material well-being

In this economic system we would expect a lower standard of living

This is a role of government in the American economy

This is a common factor that causes the supply curve to shift left or right

This is a factor of production

This is what is meant by unit elastic demand

In this stage of production, output is increasing at a slower rate then previously

This is a characteristic of capitalism

This is the law of demand

This is how costs are measured

This is a definition of demand

Comparing the extra costs of doing something to the extra benefits gained

This is a simple definition of an economic system

This is a major economic goal shared by the American people

This is the most important factor of economic growth

This makes the decision about how to use scarce resources more complex

The money you did not earn at work because you chose to take a day off to go to the movies is an example of this

This is an economic product designed for final use by people

In the short run, this is the only input that can be changed

This economic system is characterized by a complexity of interactions between individuals, traditional institutions, and

This is the substitutions effect

This is the basic economic problem facing all societies

This is one of the roles of a consumer in a free enterprise system

This is the law of supply

This shows the quantities offered at various prices by all producers in a given market

This is the definition of supply

Societies ask this economic question when making decisions about how to deal with scarcity

This factor of production is unique because it is the result of earlier production

This is a definition of entrepreneurship

This is the measure of how much change in quantities demanded will occur when the price of a good changes