Economics Chapter 4-5 review

Is not one of the five factors that can change the demand for a good

Economists use the horizontal axis of a graph to represent

The purchase of inferior goods

The quantity of pizzas demanded and the quantity of pizzas supplied are equal

used by consumers and producers to determine how much of a good to buy or sell at a given price

The amount of money a customer pays the seller for a pizza is the pizza's

The result of a price ceiling would be a

Type of good capable of being used in conjunction with another

The quantity of pizzas demanded exceeds the quantity of pizzas supplied at a given price

States that when the price of a certain good rises, people find less expensive alternatives

the diminishing of the value of goods caused by wear and time

Refers to the direct benefit received by the owner of a good

Relationship between a good's price and how many people will buy

A place where sellers and buyers exchange goods

A durable good is

A graphic representation of the amount of goods purchased at different prices

The excess of a producers total revenue over his total expenditure

What do we call incentives given by Gov. to businesses to try to encourage production

Who was Hailey angry with at this moment ?

Refers to the total amount of satisfaction received from having a certain amount of a good

Factor that causes a change in quantity supplied within an existing supply

The availability of substitutes is a major why the demand for most goods is

The quantity of pizza supplied is greater than the quantity of pizzas demanded at a given price

Relationship between a good's price and how many producers provide for consumers

A regulated price level set above the equilibrium price is considered a

Refers to the amount of satisfaction that results from a one-unit increase of a good

If you quit a job making $80,000 & start a business making $60,000 what's your opportunity loss

If the demand for pizzas remained steady but the supply increased, producers would probably

The price at which a pizza could be sold in an open market

In the free market who is responsible for the distribution of goods

Part of the economy controlled by governments

The value of the best alternative that is foregone when a different alternative is taken

Gives a person the willingness to trade goods for other goods that have more value to them

Is not one of the six factors that can cause a shift in a good's supply

The total value of a pizza business minus any liabilities

If pizza demand decreased but an owner had to sell the same amount of pizzas he would have to