Economic Activity

New machinery allows coffee beans to be roasted more efficiently. This will cause:

An unusual winter freeze in Brazil kills a majority of the world's coffee crop. This will cause

People supply most of the goods they use in this economic system.

Chocolate, soda, and coffee are all examples of:

Individuals make all economic decisions based on supply and demand in this economic system.

Increases in ____ allow producers to make more of a product in a given time & at the same price

The amount of a good or service that consumers are willing to buy is called:

The number of available jobs would just begin to fall during:

Government regulations can affect suppliers in many ways.

Things which people would like to have are:

The price of cream, a complementary good for coffee, increases. This will cause:

A business that has many owners, possibly even shareholders, is called a:

You can only enjoy so much soda before you can't drink anymore, no matter the price. This is:

Things used to manufacture other goods are:

Much like water in the desert, _____ gives goods their value.

Things which people need to survive are:

The declining section of the graph (Point 2), is known as the:

As the price of a good increases, the amount demanded will:

Work that is done for someone for a certain price is:

The price of tea, a substitute for coffee, decreases. This will cause:

What does the point of intersection shown on this graph represent?

A small town is experiencing a population boom.What will happen to demand for goods in the town

The top-most point of the graph (Point 1), is known as the:

A business that is organized to provide a service, not to make a profit is a:

Specialization of labor decreases productivity.

Goods meant to be sold to consumers for use are:

This graph represents:

Cost of resources has little to nothing to do with supply.

Taxation can affect the overall profit level, which can affect supply.

A panel of doctors announces that coffee helps cure migraines. This will cause:

Because I went to college, I gave up the money I could have made by getting a full-time job.

A business owned by a single person/married couple is a:

Which of the following terms is most closely related to a market economy?

The bottom-most point of the business cycle (Point 3), is known as the:

The amount of a good or service that is available for consumers to buy is called:

A business owned by two or more people is called a:

The government controls the factors of production in this economic system.

Water, electricity, and gas are all examples of:

Consumer spending would be at its highest point during:

Who coined the term "invisible hand" in relation to economic principles.

The climbing section of the graph (Point 4) is known as the:

Equilibrium is also known as: