Micro, micro, micro!

Supply increases when price increases because of this supply curve is

What does the circular flow demonstrate?

What do individuals contribute to the circular flow?

Which shows law of supply?

A decrease in price of a specific product will result in

This is a diagram that shows the exchange of goods and resources in a market system.

A price ceiling is set below the equilibrium, this will create what in the market?

Factors: Income increase and price of complementary product decreases, what if impact?

How were goods and services exchanged before money?

When quantity demanded is greater than quantity supplied a _______ is created.

Peter Griffin starts a business and is responsible for debts and decisions, this is an example

Disease has decreased the supply of beef in the United States what will the supply curve do?

This type of business requires a charter and is owned by stockholders.

Where supply meets demand?

Which factor might cause an increase in the supply of a product?

In the circular flow, where do businesses sell the goods and services they produce?

According to the circular flow, where do individuals sell their labor?

After A&E grill paid all of their bills, they had a lot of money left, what can be concluded?

What type of market structure is represented by the picture?

A new oven at Rollz bakery allows more efficient and cheaper production, what is the effect?

In the US economy, which product would see LESS change in quantity demanded if the price rose.

Based on the law of demand, when price goes up, demand goes _____.

Entrepreneurs develop new goods to start businesses, why is entrepreneurship so hard?

An advantage of sole proprietorship and partnership is

Matt and Walt decide to share the risks and profits of being in business together, they form a

Where do businesses get their money back from households?

A small price increase for a cell phone package has little effect on its demand. This indicates

A new machine allows harvesting of bananas to double, what happens to price of bananas?

What would cause the demand curve to shift to the left?

If OPEC decided to cut oil production for the coming year,what would be the most likely effect?

In the circular flow, where do individuals spend the income the earn?

In free enterprise, what drives people to risk savings to start a business?

What is a likely result of apartment rent control (price ceiling)?

Fairly easily entry, some price control, similar products are characteristics of

The incentive for entrepreneurs to start new business is

If a small increase in a good's price causes a large decrease in quantity demanded the good has

"Money is the medium of exchange," what does that mean?

In this market structure, goods and services are identical.