Basic Economic Principles

The idea that each additional unit of a product is less valuable than the one before it is:

If demand is highly sensitive to price changes, you can conclude that the good/service is:

This type of economy provides the least economic freedom for citizens. 

When price of an item rises and other factors remain unchanged, demand:

The concept that all things we need and want are limited, there is not enough for everyone.

This economist believed that an "invisible hand" guides the economy

The study of the Economy as a whole

Increase in prices, value of money decreasing, higher minimum wage are signs of:

Total cost for a business includes

The point where supply and demand achieve balance is:

This type of economy has the MOST economic freedom

This is the type of economy the U.S. has

There are 3 questions we must answer to solve scarcity. Which is NOT one

This is the name for a large business owned by stockholders. 

Which of the following is NOT one of the four factors of production

Profit is calculated by:

A surplus signals that price is:

as the price of an item rises, and other things remain unchanged, supply:

The study of individual consumers and businesses

Minimum wage is an example of:

An individual who starts a new business, introduces new products, improves techniques is an:

When prices of a good or service rise, it is a signal to the producer to:

Economist who wrote "Communist Manifesto" and believed socialism would evolve into communism

A market in which there are many buyers and only one seller is known as:

The idea that the government should stay out of economic matters