Supply & Demand
The law of demand states that as prices ________ quantity decreases.
Increases
Type of business that has two or more owners
Partnership
Each additional unit of good consumed yields less additional utility. (Hint: Diminishing ______. _____)
Diminishing Marginal Utility.
This type of good can be consumed by purchasers and non-purchasers.
Public Good
Part of economics concerned with large scale factors and large populations.
Macroeconomics
The law of supply states that as prices increase, quantity ____________.
Increases
Type of Business that has one owner
Sole Proprietorship
What is given up when making a decision.
Opportunity Cost
What are the three economic questions every nation must ask?
What will be produced? For whom? And how?
Part of economics that is concerned with individual decisions and single factors.
Microeconomics
Price elasticity of __________ is the % change in the quantity demanded of a good or service divided by the %change in the price.
demand
A business that is treated as a legal person with many owners
Corporation
If Canada can produce maple syrup at a lower opportunity cost than the United States, then Canada has a ____________ advantage over the production of maple syrup.
Comparative Advantage
Refers to as the satisfaction one gets from a good or service.
Utility
What is the function of money - when money is used to measure the value of goods and services?
Unit of accounting
If the dollar losses value to the Euro. (Does the dollar depreciate or appreciate)
Depreciate
This economist believed the government should "Prime the Pump" by spending more money in the economy when the economy slows down.
John Keynes