Economics Final Review

If you add another unit and production declines, you have reached

A business that produces and sells in many countries is a

What is lost when you make a particular choice called?

Public goods are examples of what economists call

Who did Karl Marx believe would benefit from socialism?

A human made object used to produce other goods and services

In a market economy high wages depend on

Common stock and limited liability are characteristics of

Changes in quanity demanded and price have a ____relationship

The largest expenditure for the federal government is

A government payment that supports a business or market

Which of these economic systems have the least in common?

What is an advantage of a free market economy?

What is lost when making a particular choice called?

When quantity demanded exceeds quantity supplied you have

Which of the following are factors of production?

A major disadvantage of a corporation is

This type of tax is used to discourage certain types of behavior

The branch of economics that examines the behavior of individuals is

The value of all goods and services produced within a countries borders is

Limited life applies to

A measure of how suppliers react to a change in price

The functions of money are

What do externalities indicate?

Profits are equal to

United States money is called "legal tender" or

Fact that consumers have the power to decide what is made is called

Societies are faced with which three basic questions about production of goods?

What is the purpose of free enterprise?

Business buy resources to produce goods and services in the

What is the main cause in a change in quanity demanded?

What is the role of profits in a market economy?

Two ways to make money on stock are through dividends and

What causes a shift of a demand curve

Schmoos have an elasticity of demand of 3.2. Demand is

The largest companies in the U.S. trade on the

Which of the following is a negative externality?

A graph that shows alternative ways to use a resource is a

Equilibrium in a market means

The price of hoodies would be increased by

Better production methods will cause

Who are the owners of the Harley Davidson Motor Company?

Which of these countries has a command economy?

Why are all goods and service scarce?

The study of behavior of entire economies is

The legal maximum price that can be charged for a good is a

Competition improves efficiency because it

a price floor set above equilibrum results in a

A cost that rises or falls depending on quanity produced

A tax is considered regressive when