Assessment 3-1 & 3-2
Assessment 3-2 & 3-3
Vocab
Vocab
vocab
100
controlled economy
What is The government exerts the greatest influence over economic decisions in a
100
market price
What is the point where supply and demand for a product are equal is known as the?
100
possession utility
What is which type of economic utility results from changes in the tangible parts of a products and service?
100
studies the economic behavior and relationships of an entire society
What is Macroeconomics?
100
the relationship between price and quantity supplied
What is Supply curve?
200
government involvement in the economy is relatively limited
What is which of the following is not an important characteristic of a private economy?
200
oligopoly
What is in this type of economic competition, a few businesses offer very similar products?
200
the use of resources to obtain the greatest profit
What is Profit motive?
200
examines relationships between individual consumers and producers
What is Microeconomics?
200
when the price of a product is increased more will be produced
What is Law of supply?
300
value
What is an individual view of the worth of a product or service is called?
300
oligopoly
What is in theory, the demand curve for a businesses in this type of market is a straight line at one price?
300
value is an individual
What is Value?
300
the relationship between price and the quantity demanded
What is Demand curve?
300
the point where supply and demand are equal is known as a market price
What is Market price?
400
demand will decrease
What is what can generally be expected to happen when the price of a product is increased?
400
the government will likely set limits on prices
What is when there are few differences among products in a monopolistic competition?
400
a relationship between the quantity of a product consumers are the quantity of a product consumers are willing and able to purchase and the price
What is Demand?
400
when the price of a product is increased, less will be demanded
What is Law of demand?
400
many suppliers offer very similar products
What is Pure comp?
500
an economic market
What is all of the consumers who will purchase a particular product or service are known as?
500
economic utility
What is the amount of satisfaction a consumer receives from the consumption of a particular product or service is called?
500
a relationship between the quantity of a product that producers are willing and able to provide and the price
What is Supply?
500
are classified as natural resources, capital, equipment, and labor
What is Economic resources?
500
a type of market in which one supplier offers a unique product
What is Monopoly?
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