1
changes in quantity demanded and changes in price have an ____ relationship
inverse
most useful measure of cost: ___ cost
marginal
the study of economics include how people deal with __
scarcity
a high degree of individual __ is a major advantage of the market economy
freedom
Oh, baby, where are you now when I need you most?
I'd give it all just to hold you close
"After Hours" The Weeknd
when the price of an item increases, the quantity __
decreases
south Korea demonstrates that capitalism can __ a damaged economy
restore
division of labor increases __, because it insures workers are efficient at specific jobs
efficiency
adjusting to the process of __ and risks is part of the struggle with privatizations
costs
We're no strangers to love
You know the rules and so do I
"Never gonna give you up" Rick Astley
the ___ causes a feeling of greater wealth for the consumer.
Income effect
___ and overhead are part of a firms’ costs regardless of their rate of
production.
fixed costs
Dave works at a store for an hourly wage in return for his labor. He is part of the _
factor market
alongside scarcity, what determines a product's value
"baby lock them doors and turn the lights down low.
put some music going soft and slow"
"Your man" Josh Turner
Economic growth is most closely associated with an increase in goods and __
services
Nationalization of private companies in Chavez’s Venezuela is an examples of a move ______ from capitalism.
away
If a new technology makes production much more efficient the market frontier will ___
expand
An individual supply curve AND a market supply curve both show a change in quantity supplied changed when there is a change in ___
price
"'Round your city, 'round the clock
Everybody needs you
No, you can't make everybody equal"
labor in a factory is an example of __ __ __ ___
variable factor of production
Marx believed the ___ would benefit the most from socialism
workers
how societies deal with scarcity
economics
efficient use of resources leads to an increase in ____
productivity
"In the night I hear 'em talk
The coldest story ever told"
"Heartless" Kanye West