Economics
What type of economics is a form of demand side economics that encourages government action to increase or decrease demand and output?
Keynesian economics
The law of supply states that businesses will produce more products when they can sell them at _____ prices and fewer products when the prices are low.
Higher
The law of demand states that buyers will demand a greater quantity of a good when its price is _____.
Low
Which market structure is characterized by a few dominant firms, some variety of goods, some control over prices, and high barriers to entry?
Oligopoly
This type of business organization is a business that has only one owner.
Sole proprietorship
Which type of economics relies on objective data analysis, relevant facts, and associated figures?
Positive economics
What is the name for a table representing the quantity intended to sell or produce at a certain price level?
Supply Schedule
What is the term for the table that represents the quantity intended to purchase a good at a certain price level?
Demand schedule
Which market structure is characterized by many market buyers and sellers in which sellers offer identical products and buyers and sellers are able to enter and exit the market freely?
Perfect competition
This type of business is owned by 2 or more individuals.
Partnership
The goal of this type of economics is to utilize various economic developments, situations, and programs and by asking what should happen or what ought to be.
Normative economics
If the cost of a resource decrease, a supplier would make ______ products.
More
Successful advertising would _____ consumer demand.
Increase
Which market structure is characterized by a single seller that controls production and distribution of a good/service?
Monopoly
This is a type of business organization that is recognized by law as a legal entity.
Corporation
Who is the father of classical economics and is credited with creating the concept of the "Invisible Hand"?
Adam Smith
The law of supply states that businesses will produce more products when they can sell them at higher prices and fewer products when the prices are_____ .
Low
The law of demand states that buyers will demand a greater quantity of a good when its price is low. As the price rises, the quantity demanded _____.
Falls
Which market structure is characterized by many firms, few barriers to entry, slight control over prices and differentiated products?
Monopolistic competition
This is a type of business organization that has at least four businesses, each making unrelated products.
Conglomerate
What type of economics relies on the idea that the free markets can regulate themselves without government interference?
Classical economics
When presented with an incentive, a supplier would be motivated to produce ______ of a good or service.
More
Identify one reason why demand would fall for a good or service.
Price is set too
Broken consumer trust
Tax
The United States Post Office, Duke Energy, and Google are examples of natural _______.
Monopolies
Which type of advantage introduces opportunity cost as a factor for analysis in choosing between different options for production diversification?
Comparative advantage