Category 1
Category 2
Category 3
Category 4
Category 5
100
making decisions based on what you believe is the best combination of costs and benefits
What is economizing
100
using resources to produce the maximum amount of goods and services
What is efficiency
100
type of economic system where the government makes all the decisions
What is command
100
the satisfaction received from using one more unit of a good or service
What is marginal benefit
100
the main goal of a traditional economy
What is survival
200
includes land, labor, capital, and entrepreneurship
What are the factors of production
200
demonstrated when buyers and sellers are able to concentrate their efforts in areas where they are most efficient
What is specialization
200
situation in which the quantity demanded is equal to the quantity supplied
What is market equilibrium
200
measures how responsive consumers are to price change
What is elasticity of demand
200
levied by the government to decrease the supply of products it doesn't want people to use
What is an excise tax
300
experienced by a business when each new worker added contributes more to the total product than the previous hired employee
What is increasing returns
300
the desire and willingness to produce and offer goods and services for sale
What is supply
300
strategy used by businesses to drive competitors out of the market by setting prices below cost for a period of time
What is predatory pricing
300
black markets can be created by these; or regulations implemented to keep prices from going too high
What are price ceilings
300
occurs when the quantity supplied is greater than the quantity demanded or when prices are too high
What is a surplus
400
tactics used to encourage people to act in ways that serve their best interests
What are incentives
400
market structure with only a few sellers but many buyers
What is oligopoly
400
when buyers control what is produced by having the freedom to decide whether or not to buy a product
What is consumer sovereignty
400
usually found in monopoly, this is a formal organization of sellers that agree to act together to set prices and control supply
What is a cartel
400
used in competitive markets, it is an attempt to distinguish a product from similar products
What is product differentiation
500
characteristic of a sole proprietorship stating that a business ceases to exist if the owner leaves the business
What is limited life
500
when a business owner is solely responsible for of the losses and debts of the business
What is unlimited liability
500
the profits that are paid to the shareholders or owners of a corporation
What are dividends
500
merger of companies that produce unrelated goods and services
What is a conglomerate
500
business made up of semi-independent businesses that all offer the same products or services
What is a franchise
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