Economics Final

Front 1

Economics is about

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The study of the choices people make to satisfy their needs and wants

Front 2

Food, clothing, and shelter are examples of human

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Needs that are necessary for survival

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A resource is

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Anything that people use to make or obtain what they need or want

Front 4

The buildings, structures, machinery, and tools used in the production process are called

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Capital resources

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An entrepreneur is a

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person who attempts to start a new business or introduce a new product

Front 6

The basic fact of economic life is

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K

Front 7

You are in a clothing store. You see a pair of pants and a T-shirt that you like. However, you have only enough money for one item of clothing. You decide to buy the pants. What is the opportunity cost of your choice?

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.

Front 8

An accepted medium of exchange is known as

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.

Front 9

The term that means a consumer can use an item before they have completely paid for it is

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.

Front 10

In truth, all economics today are

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.

Front 11

In which economic system are the answers to the basic economic questions determined by custom?

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.

Front 12

The economic system in which the basic economic questions are answered by government planners is called a

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.

Front 13

In which economic system do individuals answer the basic economic questions?

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.

Front 14

According to Adam Smith, the "invisible hand" that helps guide the economy is

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.

Front 15

Ownership of private property is a characteristic of

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.

Front 16

Making the best use of scarce resources is called economic

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.

Front 17

The two concerns of the goal of economic stability are

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.

Front 18

In economics, the amount of a product a consumer is willing and able to buy at various possible price during a given time is called

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.

Front 19

The tendency of consumers to replace a relatively more expensive product with a similar, lower-priced product is called the

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.

Front 20

The term for the amount of satisfaction a consumer receives from consuming a product is

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.

Front 21

If the price of butter rises, what will happen to demand for substitute goods, such as margarine?

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.

Front 22

Construction of new houses increases. What will happen to demand for such complementary goods as timber, paint, and paint brushes?

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.

Front 23

When the price of a good or service is too low, the result will be a

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.

Front 24

When the price of a good or service is too high, the result will be

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.