American Free Enterprise
A private organization that attempts to influence public officials to act or vote in ways that will benefit the group’s members is known as a(n):
Interest Group
What is the term for the total value of all goods and services produced in a particular economy?
GDP (Gross Domestic Product)
The concerns of the people as a whole is known as
public interest
An individual who would not choose to pay for a certain good or service, but who would get the benefits of it anyway if it were provided as a public good is known as a:
free rider
The amount of money a company receives by selling goods or services is known as
Total Revenue
The study of the behavior and decision making of entire economies is known as:
Macroeconomics
To stabilize the economy, policymakers try to achieve three main outcomes: high employment, steady growth, and ____.
stable prices.
Alex receives a raise at work and continues to work the same number of hours each week. What will happen for his demand for $3 t-shirts that he considers an inferior good?
decrease.
A good that replaces another demanded good is known as a
Substitute
What is the struggle among various producers for the consumer’s business called?
Competition
An income level below that which is needed to support families or households is known as the:
Poverty Threshold
When a consumer is able and willing to buy a good or service, he/she is creating what?
Demand
What determines how a change in prices will affect total revenue for a company?
elasticity of demand
A good that is always used with another good is known as a(n):
Complement
Any resources that are made by humans and used to create other goods and services are called
The part of the economy that involves the transactions of individuals and businesses
Private Sector
What kind of system is the United States economy based on?
Free Market
A graphic representation of a demand schedule is known as the
Demand Curve
The way that a change in price determines whether or not consumers buy goods is known as the
Law of Demand
Name given to the to the 2005 Supreme Court decision when the government can take private property for public use.
Eminent Domain
Goods and services provided by the government for free or at greatly reduced prices are known as:
In-Kind Benefits
Requirements for companies to provide full information about their products are known as:
Public Disclosure Laws
A good that consumers will demand more of when their incomes increase is known as a(n):
Normal Good
A measure of how people change their buying patterns when prices change is known as
elasticity of demand
You are an entrepreneur with an innovative idea for a new business. In which kind of economy would you have the most opportunity to try to achieve success?
Market Economy