Business Economics Final Exam Review

What economy best describes that of the US?

Supply indicates how much of a good producers

An example of a public good

How does a decrease in price affect the producer?

Economics is about

If soybean farmers expect the price of soybeans to decrease soon, what will they do?

The opportunity cost of an item is

Traditional economies are often shaped by

Which situation demonstrates the law of diminishing marginal utility?

An economic system where all resources are government owned and they coordinate production

The law of supply states that the quantity supplied is usually related to its

What type of economy produces the highest standard of living?

Which of the following is a service?

Elasticity, in economic terms, is another word for 

As money income increases what happens to the demand for inferior goods?

If the demand for a product is low and the supply is high, the price will soon be 

Which is not true of a pure market economy?

Why do consumers choose substitutes?