Economics Final Review BHS

Which is an example of thinking at the margin

programs helping people facing hard economic times

what you give up to get something else

illegal agreement among firms to divide the market,set prices, or limit production

The higher the price,the more produced

What do people supply in return for factor payments?

The substitution effect and the income effect describe

principle that people have the right to control their possessions and use them as they wish

a measure of how suppliers react to a change in price

natural resources used to produce goods and services

principle that people may decide what agreements they want to enter into

a graph of a demand schedule

Which of the these products or services is likely to have an inelastic supply in the short run?

Which nation is a mixed economy but mostly free market?

the simplest,cheapest and fastest type of business to form

A graph of the information in a supply schedule

which is an example of a monopoly that the U.S. government generally permits?

when the demand curve shifts left or right

which is considered a commodity?

which of the following is likely to lead to a black market?

which of the following are factors of production?

Which would a company do to increase its human capital?

market structure in which many companies sell products that are similar but not identical

Suzy gets a raise and buys fancy imported pasta instead of ramen noodles.Ramen noodles are ___

where are traditional economies usually found?

when consumers want more of an item than producers will offer at a particular price

people feel poorer when prices for goods increase

Why are goods and services scarce?

A market failure occurs when a free market is unable to

JJ's rent increased,he needs to cut back on his spending.Which type of goods will he cut back

all the money a company earns by selling goods and services

Which could cause the supply curve to shift to the right?

the point at which the demand for a product or service equals the supply

which economy is efficient?

corporation made up of several companies that make unrelated goods or services

Your demand for a good is inelastic if you consider the good to be

Which kind of goods do governments generally place high price ceilings?

consumers buy more at lower prices and less at higher prices

stockholder's share of a company's profit

Something that is generally considered to be a public good if