Final Exam Review

In which type of an economic system do gov't planners determine prices, wages, and production?

Which best describes what it's called when the go't takes resources from the private sector?

Which is not one of the basic questions that every country must ask itself?

What is the term we apply to income that has been adjusted for inflation?

What is the tendancy for prices to do when quantity supplied = quantity demanded?

In which typ[e of an economic system do citizens own their own businesses' profits and losses?

What is the term we apply to income that has not been adjusted for inflation?

What is a good or service one tends to demand more of at higher income levels than lower?

What is the condition that exists when quantity supplied is greater than quantity demanded?

Franklin lives in Venezuela. Raise = 10%. Inflation = 25%. Nominal income?

What best describes a rule limiting how much of a good or service can be imported?

People with all of their talents and abilities

In which type of an economic system are most of the resources owned by the private sector?

What is a good or sercie whose use tends to increase with the use of another good or service?

What is the desire, ability, and willingness to buy a good or service at all prices?

Goods that are used to make finals goods, services, and structures

What do we cal a good or service that requires other goods or services in order to produce?

What explains why peole are richer when prices drop even though they aren't making any more $?

What is the tendency for prices to do when quantity supplied is greater than quantity demanded?

What causes scarcity?

In which system are the 3 basic ?'s answered by tradition, government, and the private sector?

What is a good that people tend to buy more of at lower income levels than higher?

A change in which of the following will cause teh demadn curve to shift left or right?

What is the fundamental economic problem caused by limited resources and unlimited wants/needs?

Franklin lives in Venezuela. Raise = 10%. Inflation = 25%. Real income?

The extent to which a change in price causes a change in the quantity the market wants to buy:

What do we call a good or service that is required in order to make a final good or service?

What is the condition that exists when quantity demanded is greater than quantity supplied?

A change in which of the following will cause the supply curve to shift left or right?

A change in which of the following will cause the supply curve to shift left or right?

If nothing else changes, the qty demanded of a good is greater and lower prices than higher:

What is the quantity of a good/service producers are willing to produce for sale at all prices?

Fertile fields, forests, minerals, livestock, & sunshine are examples of which resource?

The extent to which a change in price causes a change in the amount producers want to make:

In which type of an economic system are decisions based upon ritual, habit, or custom?

Which best describes rules the gov't places on the private sector restricting how they operate?

Which is not a braod category of economic resource?

When one good or service can be used instead of another good or service, what is it?

What is the condition that exists when quantity supplied is the same as quantity demanded?

If nothing else changes, the qty firms are willing to produce is: higher prices > lower prices

In which type of an economic system does the government own most of the property?

Which best describes what it's called when the gov't gives resources to the private sector?

What is the tendancy for prices to do when quantity demanded > quantity supplied?

People who innovatively bring all of the factors of production together to meet society's needs

A change in which of the following will cause the demand curve to shift left or right?