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Command Economy

An economic system influenced by the directives of a central authority is characteristic of a ...

Why to produce?

Each of the following is one of the three basic economic questions EXCEPT: what to produce, why to produce, how to produce, for whom to produce?

Market Economy

A _____________ is a system in which the basic economic decisions are based of the actions of buyers and sellers.

Labor

The physical things necessary for production, including buildings, machines,vehicles,equipment, and tools is called ___________.

Economic Equity

The goal of balancing an economic policy so that everyone benefits fairly is called _____________.

land, labor, capital, and entrepreneurship.

The factors of production are:

Opportunity cost

A(n) _____________ is the value of the next best alternative that had to be given up in order to pursue a certain action.

Price Discrimination

A pricing strategy that charges customers different prices for the same product or service in order to maximize profits is called _______________

Quantity Demanded

_____________ is the amount of a good or service that a consumer is willing and able to purchase at a specific price.

Voluntary exchange

A _____________ occurs when a buyer and seller exercise their economic freedom by working out their own terms.

Utility

The ability of any good or service to satisfy consumer wants is called ___________.

Quantity demanded should decrease

As the price of a good or service rises, what will be the likely effect of quantity demanded of that good or service ?

The responsiveness of the quantity demanded to a change in price.

Price elasticity of demand is a measure of...

An increase in population

Which of the following is likely to result in an increase in demand?

An increase in supply of that industry's goods or services.

An increase in the number of firms in an industry is likely to result in...

Equilibrium Price

The price at which the amount that the producers are willing to supply is EQUAL to the amount that consumers are willing to buy, and the allocation of goods is at its most efficient is called _______________.

Profit Incentive

________________ is the desire to MAKE MONEY that motivates people to produce and sell goods and services.

A change in price

Each of the following id a "Determinant of Demand" except...(change in pop,price,tastes,income)

Rises

As the price rises for a good, the quantity supplied generally _____________.

how people choose to use scarce resources

Economics is the study of

Microeconomics

The branch of economic theory that deals with behavior and decision making by individuals a firms is called...

Services

Actions that can satisfy people's wants are called...

a Trade-off

Exchanging one thing for the use of another is known as __________

Labor, Capital Entrepreneurship, and Land

The factors of production are...

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