1st 9 weeks Econ Exam Review

change in the amount consumer will buy because their money has changed

The study of how people choose to use scarce resources to satisfy their wants is called?

The law of supply states that

In economic terms property means

Suppliers in the product market are

When quantity supplied of a good is equal to the quantity demanded at that price is

The equilibrium price in the market is determined by

A need is fulfilled by

Physical products that can be purchased are called

Circular flow model shows

Goods and services that are used together

In a market economy the real power in the market place is held by the

Nation where gov't plays limited role in economy

The benefit or satisfaction gained from the use of a good or service is called a(n)

The ongoing tension of not having enough resources to meet human wants is called?

What is a demand curve?

Which of the following restates the law of demand?

Which involves making economic choices based on customs?

Physical products that can be purchased are called?

What you give up by choosing one alternative over another is

The desire and ability to produce and sell a product is

What is a demand schedule?

Which of the following describes a demand curve

What motivates producers to increase supply

What do various points along the demand curve represent

Which involves having the government make most economic decisions?

Which is based mainly on individual choice?

Everyone having the same economic rights under the law is called

goods and services that can bu used in place of each other

A decrease in demand causes equilibrium prices to

The the result of quantity being greater than quantity demanded is called?

The situation in which the quantity supplied of a good is greater than the quantity demanded?

The time, effort, and talent that go into the making of products is called?

Benefits offered to encourage people to act in certain ways are

The ability for everyone to enter and compete in the marketplace is called