Econ Review

Common form of debt with fixed payments over long term.

Cost incurred that cannot be recovered

Graphic display of economic information

Economic system where one company has total control over one resource/good

Happiness or satisfaction derived from a good/service

The reason investing early has such strong results

Identify the inefficient point on the curve

Study of specific/limited economic systems

On a curve a change in price results in

This image is what type of curve

Product that is the same across all producers, no ability to control price

Market structure where producers have no impact on price, low barriers to entry, many producers

Car loans would be an example of what type of expense?

If your demand for a product remains the same after your income rises, that good is referred to

Companies working together to limit competition and artificially raise prices

Which of the following is one of the Determinants of Demand

Econ system where gov has total control over resources and production

"All things remain the same"

Market structure where a few companies control resources, and are concerned with competition

Product that is desirable but not necessary compared to alternatives

Common form of debt with highest interest rates

Used by companies to determine efficiency of resource usage

As income increases your demand for a product decreases and is replaced by comparable good.

Condition in which limited resources meets unlimited desire to utilize them

An additional unit of production/consumption

Each additional unit consumed brings less satisfaction than previous until negative utility

As relative price increases consumer demand shifts to comparable goods that relatively cheaper

Obstacles that prevent producers from competing in a market

Lost value of the next best alternative

Knowledge/skills is what type of resource?

The image shown here is what type of curve?

Amount of good/service producers are willing and able to make at a particular price

"Hands Off"

Balance point between supply and demand curves

Producers/consumers responsiveness to changes in price