Economics Review

Demand is _______ when a given change in price causes a relatively larger change in QD

What can cause changes in supply?

Who said, "the wealth of nations should be defined as the sum of the goods produced by labor"?

What occurs when the factors of production perform only tasks they can do better than others?

The United States follows what type of economic system?

The economic goals of the US include all of the following EXCEPT:

The stages of production are often viewed as a wave or roller coaster-Increasing, decreasing, &

The point on a graph where supply meet demand is called

the unintended side effect (+/-) that benefits or harms someone is called a/an:

A country that offers free health care, free education, and has high income taxes (40%+) is a

An example of a price floor is

The government in the American system uses all of the following roles EXCEPT:

What is the term for a "risk taker"?

Demand curves slope upward to the right, True or False

______ Competition is characterized by a large number of informed independent buyers/sellers

a __________ merger is one that firms produce the same kind of merchandise

when a products QD remains unchanged after a price increase or is relatively unchanged, this is

THe maximum legla price3 for an item is called the:

Diamonds are more valuable than water, is called the _____________________

What are the 3 basic questions of economics?

What states that the quantity demanded varies inversely with its price?

When you add two/more individual demand curves you get a ______ demand curve (add quantities)

It is said that if something has usefulness it has _______

what is, .."the sum of people's skills, abilities, health, knowledge, and motivation."?

what is a noncash charge a firm takes for general wear and tear on capital goods?

Allocations with prices is called?

A graph that shows how total output changes when a single variable input changes is called:

a nondurable good is-

All of the following are factors of production EXCEPT:

To determine elasticity you ask 3 questions, which one is NOT correct?

Characteristics of Free Enterprise systems include all these EXCEPT:

The change in the QD because of the change in the relative price of the product is called the:

supply curves measure how much is demanded at different prices, True or False

what is the part of economic theory that deals with behavior and decision making by people?

All of the following are types of costs associated with Profit Maximization EXCEPT:

what term means the cost of the next-best-alternative?

What are the types of economic systems?

The role of the government in our competitive society is which of the following:

another term for imperfect competition is

The most common form of business organization in the US is:

what do we call the extra usefulness gained from using one more of an item?

when you change purchase habits due to income, this occurs

What is the most basic issue in economics?

This economic system is known for tackling change rapidly without hesitation about consequences

All the Revenue a business receives is called:

What is TINSTAAFL?