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100
This fundamental component of a free market acts as the inherent, primary regulating force in the marketplace.
What is competition?
100
The ability to offer a wide variety of goods and services is a major advantage of this type of economic system.
What is the free market?
100
In a free market, these two forces interact to determine the price and the quantity produced of most goods.
What are supply and demand?
100
In economics, demand is defined as the desire to own something along with this crucial second element.
What is the ability to pay?
100
Land, goods, or assets owned by individuals or firms are given this title.
What is private property?
200
The production and distribution of goods and services is the primary purpose of this type of system.
What is an economic system?
200
The government typically makes all the decisions in this economic system.
What is a centrally-planned economy?
200
A single firm supplying all the output in a particular market is commonly found in this market structure.
What is a natural monopoly?
200
The law of demand states that when a good's price is lower, consumer will respond in this way.
What is by increasing the quantity purchased?
200
A factory building is an example of this type of capital.
What is physical capital?
300
This term describes the idea that demand will consistently change when price changes only if other market factors remain constant.
What is ceteris paribus?
300
The economic system of the United States would typically be characterized in this way.
What is mixed but favoring the free market?
300
In a free market, this is the most effective way for consumers to make their desires know to businesses.
What is "through their purchases"?
300
A change in price for one good will have this effect on the demand for its complement.
What is an opposite effect?
300
A bicycle producer would likely take these two actions in reaction to a shortage of its product.
What is raising prices and increasing supply?
400
These are the four factors of production.
400
The belief that democratic means should be used to distribute wealth evenly throughout society is most commonly associated with this political and economic system.
What is socialism?
400
This term describes a market structure dominated by a few large firms.
What is oligopoly?
400
In general, a decrease in consumer income will cause demand for this type of good to increase.
What is an inferior good?
400
This sub-category of the Factors of Production includes a worker's education and experience.
What is human capital?
500
These participants in a free market economy have a key role in signaling producers concerning what and how much to produce.
Who are consumers?
500
The economic system of China would typically be characterized in this way.
What is mixed but favoring central planning?
500
This is the market in which households purchase the goods and services that firms create.
What is the product market?
500
The inelasticity of demand for necessary medicine means that price increases are likely to have this effect on the quantity purchased by most consumers.
What is a minimal effect?
500
Average total cost will decrease as production increases for firms enjoying these beneficial economic effects.
What are economies of scale?