Economics Midterm

Costs that stay the same every month

What term describes the additional benefit you receive?

satisfaction goes down as additional units are consumed

Payment people receive when lending or allowing someone to use their money

Things we would like to have: vacations, designer clothing

Increase in the demand for oreos because the price of milk decreased affects which factor

Financially responsible for ALL debts related to a business

Numerical chart that shows the law of supply

The supply curve

Money can be traded for goods and services

struggle that goes on between buyers and sellers to get the best products for the best price

Third party who helps people reach an agreement (BINDING)

Where does the government receive its revenue?

What are the four factors of production?

What is economics considered the science of?

Recycling is an example of what company responsibility

Providing customers with low interest rates is an example of a

Economic model used to analyze a decision

Government should not interfere in the marketplace

Consumer is the ruler of the market

Type of good that if the price increases it has little effect on the quantity demanded

Graph that shows the amount of products would be supplied at all possible market prices

Which program provides money to families with a disabled, absent, or diseased parent?

Highways, parks, and schools are an example of

Revenue that results from selling one more unit of output

Tools and machinery used in production

Innovative people who create or improve products

Products that can be used in place of each other (hamburger/ chicken)

Primary goal of entrepreneurs is to earn

Right to choose a job falls under which section of capitalism?

Corporations, not owners are responsible for the debts

Products that are used together are called ( peanut butter & jelly)

What term refers to the "next best" thing you could be doing?

When the government spends more than they receive they are running on a..

Breaking down a job into separate smaller tasks is an example of

Paying taxes twice on corporate profits

What term is a simplified representation of the real world?

What term describes the alternative you face if you decide to do one thing rather than another?

Money needed to start or expand a business

Usefulness or satisfaction a person receives from using a product

Extra cost of producing one extra unit

Not returning an outfit you already wore is an example of

Human physical or mental effort in production

Indicates the price of a good is too high

All the activity in a nation that impacts production/distribution and sale of goods/services

Private citizens own most if not all the means of production

One person's demand for a product/service

Not for profit financial institution

GDP measures the quality and quantity of products

Promise made by manufacturers to repair or replace faulty products

Things needed for survival: food, shelter

Type of account that receives a higher interest; money cannot be taken early without penalty

The higher the sale price, the ______ suppliers are willing to sell

What term describes a situation where we do not have enough resources?

Which of the following explains why the Vanilla Ice concert tickets are not sold out?

Owners of a corporation

Which good is inelastic?

The supply curve...

movement to educate buyers about the purchases they have made

Money a person has left over after all taxes have been paid

Number of goods multiplied by the average price per unit

Desire, willingness, and ability to buy goods and services

What term describes the quality of life based on having luxuries and necessities?

Document from the government granting permission to organize

Type of good that if the price changes it impacts the quantity demanded

What helps promote competition?

Third party who helps people reach an agreement (NOT BINDING)

Buyers and sellers freely and willingly engaging in market transactions

Tangible products like desks and books

Who runs the Better Business Bureau?

Costs that change every month

Principle that states quantity demanded and price move in opposite directions

Document from the government granting permission to organize