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24 Cards in this Set

  • Front
  • Back
  • 3rd side (hint)

In a communist country, what type of economy would they most likely have?

Command

What type economy is a system based on custom, heredity, and caste?

Traditional Economy

Which system is also known as private capitalism or market economy?

Free Enterprise Economy

Which economic system has the highest government involvment?

Command Economy

Name all four types of economies

Traditional, Command, Free Enterprise, and Mixed

An intangible good for which people expect to pay?

Service

How long is a durable good supposed to last?

3 or more years

Three examples of nondurable goods

Pencil, paper, food, etc.

What are goods produced directly for consumers called?

Consumer Goods

As income rises, consumers stop buying ______ goods and start buying _______ goods.

Inferior, normal

What's is seperate of work to be performed into individualized tasks called?

Division of Labor

The study of specific components within a major economy

Microeconomics

The concept of diminishing marginal utility

The more you have the less you're satisfied

Less is More

Who wrote the Wealth of Nations and considered the gather of economics?

Adam Smith

Four factors of production

Natural Resources, Labor, Capital, Entrepreneurship

______ of a good refers to the quantity of a good for sale at a certain price under certain conditions.

Supply

Name an elastic and inelastic good

Gas for a car, movies

If an auto worker gets an increase in pay, what happens to the supply of cars?

Supply Decreases

The point at which quantity demanded and quantity supplied are eqaul

Equilibrium

What is the model called in which we can illustrate how resources and products move through the market?

Circular flow model

If a store notices that their strawberries are selling quickly, what would this be a reflection of in the market?

Demand

John makes himself a sandwhich, but a friend calls and asks him to lunch. The sandwhich is an example of...?

Opportunity Cost

In a free market, who ultimately determines what goods are produced and in what quantity?

Consumers

What's the substitution effect that we see in the market of supply and demand?

Cost goes up, people substitute the good for a cheaper alternative