The privilege that entitles people to own and control their possessions as they wish is referred to as:
What is private property rights?
100
This serves as the main links between individuals and businesses.
What is market?
100
The candy Mr. Jones sold for History Club was $2. Two dollars is the ___________ of the candy.
What is value?
100
When you eat breakfast, lunch, or dinner to satisfy the need of hunger, you are said to be a:
What is consumer?
100
The cost of the next best alternative use of money, time, or resources when one choice is made rather than another.
What is opportunity cost?
200
A snow shovel in the New England Region of the United States has a different value than a snow shovel in Miami, FL during the month of January. We refer to this as:
What is paradox of value?
200
In this type of economy, people carry on their affairs freely, but are subject to some government intervention and regulation. This economy exists in the United States.
What is mixed economy?
200
The quality of life based on the possession of the necessities and luxuries that make life easier.
What is standard of living?
200
The act of buyers and sellers freely and willingly engaging in market transactions.
What is voluntary exchange?
200
Many businesses are engaging in e-commerce because
What is fixed costs are minimal?
300
Alternative decisions when someone makes an economic decision.
What is trade-off?
300
This occurs when a nation’s total output of goods and services increases over time.
What is economic growth?
300
Because a modest price increase has little or no effect, the demand for the product is:
What is Inelastic?
300
Consumers' willingness to replace a costly item with a less costly item is an example of:
What is the substitution effect?
300
We rely on others, and others rely on us, to provide the goods and services that we consume.
What is economic interdependence?
400
When a manufacturer of pain medication reduced the price of the medication by 30%, profits declined by almost exactly 30%. Demand for the product is:
What is Unit Elastic?
400
This goes up whenever more output can be produced with the same amount of inputs in the same amount of time.
What is productivity?
400
When employees are getting in each other's way, the firm is operating:
What is in stage III of production?
400
The supply of a product normally decreases if:
What is taxes on the product increase?
400
When a customer's need for a product is not urgent, demand tends to be:
What is Elastic?
500
When producers offer fewer products for sale at each and every price,
What is the supply curve has shifted to the left?
500
The theory of production deals with the relationship between the factors of production and:
What is fixed costs?
500
The struggle among sellers to attract customers while lowering costs is referred to as:
What is competition?
500
The driving force that encourages people and organizations to improve their material well-being.
What is profit motive?
500
A business doubled the price of a product in order to increase profits. What is likely to occur?
What is A dramatic decline in revenues demonstrated the elasticity of the product.