If Steven has six shirts and is deciding whether or not to buy a seventh, he is applying this principle.
What is thinking at the margin
100
This depends on the willingness and ability of producers to produce.
What is supply
100
This type of economy is structured to provide a wide variety of consumer choice.
What is a market economy
100
In a market with perfect competition, prices are determined by this.
What is supply and demand.
100
This is the tax structure that takes a higher % as income increases.
What is progressive
200
Because people's wants are always unlimited, this is always present.
What is scarcity
200
Using the law of supply, as price increases, what happens?
What is quantity supplied increases.
200
This economy is centrally planned by a ruler or government.
What is a command economy.
200
This market structure gives producers the most power.
What is a monopoly.
200
A sales tax is an example of this tax structure.
What is regressive
300
This principle is defined by the fact that economic actions always have unforeseen effects.
What is the law of unintended consequences
300
The point where supply and demand intersect on a graph is known as this.
What is the equilibrium point (price and quantity)
300
This kind of economy is the most common today.
What is a mixed economy.
300
Restaurants in a big city that all serve food but each restaurant is distinctive is an example of this market structure.
What is monopolistic competition.
300
If a tax applied to John takes 10% of his $40,000 and a tax applied to Bob takes 10% of his $100,000, what tax structure is being applied?
What is proportional
400
What is the following statement an example of?
If I do my homework and get good grades, I won't have to go to content tutoring and I will get an hour for lunch.
What is a positive incentive
400
An early frost and ice storms in Florida and California would do this to the supply curve for oranges.
What is shift it to the left.
400
This famous economist believed in the invisible hand theory and supported a market economy driven by consumers and producers
Who is Adam Smith
400
As it becomes easier to start a new business in a market, this happens to the market.
What is the market becomes more competitive.
400
Luxury taxes and income taxes fall under this structure
What is progressive
500
Stores like Wal-Mart, City Market, and eBay provide numerous goods of many varieties. What principle does this illustrate?
What is markets coordinate trade
500
If a new product is successfully introduced with an artificially low introductory price, this will likely occur.
What is a shortage.
500
The United States is primarily a ____________ economy, but they have to be classified as a ______________ economy.
What is market and mixed
500
Enjoying the view of your neighbor's garden every day would be an example of this.