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Assessment 3-1 & 3-2
Assessment 3-3 & 3-4
Vocab
Vocab
Vocab
100
controlled economy
What is The government exerts the greatest influence over economic decisions in?
100
market price
What is the point where supply and demand for a product are equal is known as the?
100
the government answers the three economic questions
What is Controlled economy?
100
value is an individual
What is Value?
100
the relationship between price and the quantity demanded
What is Demand curve?
200
government involvement in the economy is relatively limited
Which of the following is not an important characteristic of a private economy?
200
oligopoly
What is in this type of economic competition, a few businesses offer very similar products?
200
in free economy, also known as a market economy
What is Free economy?
200
a relationship between the quantity of a product consumers are the quantity of a product consumers are willing and able to purchase and the price
What is Demand?
200
when the price of a product is increased, less will be demanded
What is Law of demand?
300
value
What is an individual view of the worth of a product or service is called?
300
monopolistic competition
What is in theory, the demand curve for a businesses in this type of market is a straight line at one price?
300
in a mixed economy, some goods and services are provided by the government and some by private enterprise
What is Mixed economy?
300
a relationship between the quantity of a product that producers are willing and able to provide and the price
What is Supply?
300
are classified as natural resources, capital, equipment, and labor
What is Economic resources?
400
supply will remain constant
What can generally be expected to happen when the price of a product is increased?
400
the government will likely set limits on prices
What is when there are few differences among products in a monopolistic competition?
400
Is based on independent decisions by businesses and consumers with only a limited government role regulating those relationships
What is Private enterprise?
400
studies the economic behavior and relationships of an entire society
What is Macroeconomics?
400
the relationship between price and quantity supplied
What is Supply curve?
500
an economic market
What is all of the consumers who will purchase a particular product or service are known as?
500
economic utility
What is the amount of satisfaction a consumer receives from the consumption of a particular product or service is called?
500
the use of resources to obtain the greatest profit
What is Profit motive?
500
examines relationships between individual consumers and producers
What is Microeconomics?
500
when the price of a product is increased more will be produced
What is Law of supply?