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Economics
Economics
Economics
Economics
Economics
100
Benefit/satisfaction gained from using a product
service
100
the cost of the next best alternative
opportunity costs
100
when there is not enough resources to meet human wants
scarcity
100
a good that lasts longer than 3 years
durable good
100
are desires that can be satisfied by consuming a good or service
want
200
with each additional unit added a factor of production, at some point, the total output will continue to increase but at a smaller rate
law of diminishing returns
200
demand for a good changes little as the price changes
price inelastic
200
each additional unit consumed brings less satisfaction
law of diminishing utility
200
demand for a good changes significantly as the price changes
price elastic
200
states that as a price increases, demand decreases, and as a price decreases, demand increases
law of demand
300
government set maximum price that can be charged for goods and services
price ceiling
300
a government set minimum price that can be charged for goods and services
price floor
300
states that as a price increases supply increases and as price decreases, supply decreases
law of supply
300
A popular model used to illustrate opportunity cost is
production possibilities curve
300
entrepreneurs are considered the driving force in an economy because they....
start new businesses
400
benefits offered to encourage people to act in a certain way are
incentives
400
What type of government does not allow for private ownership of property
Communism
400
The most common economic system is
Mixed Market Economy
400
The process of changing form private ownership to government ownership is called
nationalization
400
a circular flow model shows how
all interactions occur in a market economy
500
Government programs that protect people form economic hardships are called a
public safety net
500
what two factors are necessary for demand?
desire for a good or service and the ability to pay for it
500
monopolistic competition is separated from pure competition by
product differentiation
500
Oligopoly is a market structure with a great deal of
interdependence among firms
500
What is the most comprehensive measure of the nation's income?
GNP