Econ Review

Obstacles that prevent producers from competing in a market

On a curve a change in price results in

"Hands Off"

Common form of debt with fixed payments over long term.

Graphic display of economic information

"All things remain the same"

Econ system where gov has total control over resources and production

Amount of good/service producers are willing and able to make at a particular price

Market structure where a few companies control resources, and are concerned with competition

Condition in which limited resources meets unlimited desire to utilize them

As relative price increases consumer demand shifts to comparable goods that relatively cheaper

Car loans would be an example of what type of expense?

Balance point between supply and demand curves

Product that is the same across all producers, no ability to control price

Lost value of the next best alternative

Cost incurred that cannot be recovered

The reason investing early has such strong results

Companies working together to limit competition and artificially raise prices

Study of specific/limited economic systems

Common form of debt with highest interest rates

As income increases your demand for a product decreases and is replaced by comparable good.

Market structure where producers have no impact on price, low barriers to entry, many producers

An additional unit of production/consumption

Identify the inefficient point on the curve

Product that is desirable but not necessary compared to alternatives

Happiness or satisfaction derived from a good/service

If your demand for a product remains the same after your income rises, that good is referred to

Which of the following is one of the Determinants of Demand

Economic system where one company has total control over one resource/good

The image shown here is what type of curve?

Used by companies to determine efficiency of resource usage

Producers/consumers responsiveness to changes in price

Each additional unit consumed brings less satisfaction than previous until negative utility

This image is what type of curve

Knowledge/skills is what type of resource?