Econ Chapter 16 Review

What can cause a shortage?

Giving up one alternative good or service for another is called

What is the equilibrium price?

Businesses use what when making decisions among various projects?

How people make decisions with limited resources is called

What would cause a change in demand

What would cause the supply curve to shift to the right?

Which type of resource is a factory building?

The cost of the next-best use of your time when you choose to do one thing rather than another?

If you were "thinking like an economist,” one should accept an option when

In the United States, prices are established primarily through

When demand shifts to the left, demand _____?

If one uses rule of marginal analysis, one should continue producing a good/ service until the

In a market economy, prices act as signals to

Scarcity is the basic economic problem because

On a graph, demand is shown

To be efficient, markets must

The money a business receives from selling its goods or services is called

In the U.S. how are prices usually established?

What would cause a demand curve to sift to the right

Which of the following is an example of a resource?

Which of these is an example of a fixed cost

On a graph, demand is shown

Expenses that change depending on how much a business produces are called

In which system are economic decisions made based upon price?

markets are efficient because

Expenses that do not change no matter how much a business produces are called

The additional income received from each increase of one unit in sales is called the

The increase in expenses caused by producing an additional unit of something is called

The demand curve shifts to the ___ when more consumers enter the market

A surplus typically indicates that controls are needed.

The extra income that results from selling one more unit of the output is called

When the price of a good is low