Semester Test Review (Economics)

a curve that shows the sum of all the individual curves for the good

tasks that you pay other people to perform for you

Needed to produce the goods and services that satisfy our wants.

What is this

Things that people desire to have. 

two goods that are used together

Which of the following is not one of the five features of Free Enterprise.

Satisfaction or happiness

people who receive the benefits of a good without paying for it

A rightward shift means demand has 

A good of which one person's consumption takes away from another person's consumption

Income changes but the demand does not change

includes all the natural resources found in nature

produced goods that can be used as resources for further production. Such things as machinery.

The physical and mental talents that people contribute to the production of goodsandservices.  

as a person uses more of a product, the person gets less satisfaction from it. 

An increase in ___________ decreases supply.  The supply curve shifts to the left.

beneficial side effect of an action that is felt by others. 

A(n) ___________________ is something that encourages or motivates a person to take an action.

What is this?

when the percentage change in quantity demanded is less than the percentage change in price

The amount of money brought in by the sale of an item

A good of which one person's consumption does not take away from another person's consumption.

when more of one thing means less of something else.

a place where people buy and sell things.  

An advancement in _______________ increases supply.  The supply curve shifts to the right.  

If income and demand move in the opposite direction

Deals with the relationship between price and quantity demanded.

when the price of product increases, the quantity demanded decreases.

The most valued opportunity or alternative you give up to do something is that something's 

The study of relatively small economic units

The science that studies the choices of people trying to satisfy their wants

refers to the number of units of a good produced and offered for sale at a specific price.

an adverse side effect of an act that is felt by others

if income and demand move in the same direction

The amount of money by which total cost exceeds total revenue.

Any good owned by an individual or a business

the willingness and ability of buyers to purchase different amounts of goods at differentprices

What is this?

Any good that is owned by the government

something that can be felt or touched

anything that satisfies a person's wants

the number of units of a good that are purchased at a specific price.

Which of the following is not a resource or factor of production

Similar goods 

Income, preferences, prices of related goods, number of buyers, future price are all

the law of demand shown with numbers

In economics, the word that means "additional."

The amount of money left over after all the costs of production have been paid.