Econ BA Q1 Review

The United States is what kind of economy?

Who said  "One will live according to theirability, and to their need"

Labor unions impact competitive markets the most with 

Hybrid cars will have a higher demand when?

An increase in consumers means

When pizza cost increase – people will buy more hotdogs is an example of 

Advantage of market economy is? 

T/F: Equilibrium is where supply/demand meet on a graph

T/F A market economy system will answer the needs of the government 

When production costs go down..

What concept explains the price of hamburger and the demand for hamburger buns?

T/F The Role of U.S. Government is to protect property rights of individuals and businesses 

Low prices for consumers is a

An example of a factor market is 

T/F As population decreases, so does the labor flow to buisnesses 

An advantage of a command economy is? 

An example of an inelastic product is?

Shortages are often associated with which economic system?

One thing a business can do to increase their output is?

How do large retail stores affect mom and pop’s stores?

Resources=end product is a flow from?

One way in which the government protects consumers is through

Consumers will purchase more at lower prices    

Why should companies invest in new technologies?

Quantity of goods supplied is greater at a higher price than at a lower price is known as? 

What government policy will cause in demand for windows?

How do consumers keep the markets competitive?

When a business invests in physical capital, what will others do??

An increase in prices results in a....

If raw material prices increase..