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Terms in this set (30)
A good that is scarce is defined as?
A production level above the PPC means?
As the price of a product goes down the quantity purchased goes up, this best describes?
As the price rises producers will produce more and as it falls it will produce less, this is the law of?
Law of Supply
Economic Activity planned by a central committee would best describe?
Intellectual property in capitalism is protected by the ?
Patents & Copyright
Owning property encourages?
Private property rights are mostly key to?
The PPC is most likely increased due to?
The utility value of a good is its?
When an economic decision consistently has the same result it is said to be?
When the demand and supply curve intersect then it is at?
Which is not true of FICO scores?
A fico score of 750 is poor
A change in prices may affect both related goods and complimentary good
A change in taxes, technology, number of sellers could cause a change in supply
A faceless market would be an example of Best Buy
A movement along the PPC means that the quantity of one product has increased and the quantity of the other has decreased
All markets have in common demand, supply, price and quantity
At equilibrium marginal benefit is less then marginal cost
Chinas miss allocation of resources under Mao between farming and industry is a clear violation of production possibilities
Comparative advantage is the same as absolute advantage
Consumer sovereignty and consumer preferences are the same
Macroeconomics best describes the study of individual household and business economic behavior
Positive economics is defined by "what it ought to be"
Price is determined by the interaction between buyers and sellers
Scarcity is the same as shortage
Self interest drives economic decisions
The economic prospective is all about how economic decisions are made given limited resources and unlimited wants
The production possibilities curve assumes that resources are fixed
The rule of law establishes a legal framework to protect contracts
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