final

in a __________ most economic decisions about what to produce, how to produce it and for whom to produce it are made by buyers and sellers
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in a __________ most economic decisions about what to produce, how to produce it and for whom to produce it are made by buyers and sellers
Market orientated economy
In a command economy the, _________ either makes most economic decisions itself or at least strongly influences how the decisions are made
government
The ______is the only price where quantity demanded is equal to quantity supplied
equilibrium price
_______ are enacted when discontented sellers, feeling that pries are too low, appeal to legislators to keep price form failing
price floor
why is there scarcity
because our unlimited wants exceed our limited resources
The opportunity cost of an action
Is a subjective valuation that can be determined only by the individual who chose the action
In a ___________, most economic decisions about what to produce, how to produce it, and for whom to produce it are made by buyers and sellers choose at least one correct answer
market-orientate economy
A factor market is any place or process where
land labor or capital is bought and sold
business firm supply goods and services to ____ and purchase factors of production in ___
product markets, factor markets
In a market orientated economy the amount of a good that is produced is primarily decided by the interaction of
buyers and sellers
The general pattern that consumption of the first few units of any good tends to bring a higher level of ____ to a person than consumption of later units is a common patternutilityWhich of the following would shift the production possibility curve inwarda decrease in the ammoun too hours worked per week as the labor force chooses to enjoy leisure timethe downward slope of the demand curve illustrates the pattern that as ________ rises. ________ decreasesprice, quantity demandedAfter widespread press reports about the danger of contracting mad cow disease by consuming beef from Canada the US demand curve for beefa shift of the demand curve to the leftWhich are tools for fiscal policytaxes, gov spending, the revere requirementsfind goods or services used to compute GDPgoods and services purchased by the ultimate users