Civics Chapter 16

Front 1

Choosing to buy a DVD player instead of something else is an example of

Back 1

a trade-off.

Front 2

Which of the following represents marginal cost?

Back 2

the expense of producing one additional unit

Front 3

If the total cost of producing an order of jeans is $5,000, and a company produces 1,000 pairs of jeans per order, the average total cost for a pair of jeans is

Back 3

$5.00

Front 4

The choices all societies must make about production are driven by

Back 4

scarcity

Front 5

Which of the following is a want?

Back 5

vacations

Front 6

What does a benefit-cost analysis compare?

Back 6

marginal costs and marginal benefits

Front 7

If 20 bottles of soda are sold for $2.00 each, what is the total revenue?

Back 7

40

Front 8

The extra income that results from selling one more unit of the output is the

Back 8

marginal revenue

Front 9

If the fixed costs of producing dresses are $1,000 and the variable costs are $500, then the total cost is

Back 9

1500

Front 10

If the variable costs of producing two books are $100, what is the marginal cost of producing one more book?

Back 10

50

Front 11

Which of the following is a characteristic of a market economy?

Back 11

People have the freedom to choose from a variety of products.

Front 12

The horizontal axis of a demand curve displays

Back 12

quanities

Front 13

A demand curve shifts to the left when

Back 13

*the prices of goods drop

Front 14

Which factor is most likely to cause the supply of a product to decrease?

Back 14

a decrease in consumer demand

Front 15

Which factor has the most significant influence on the quantity supplied of any product?

Back 15

cost of producing the product

Front 16

The vertical axis of a supply curve for a product displays

Back 16

prices

Front 17

amount of a good that people are willing and able to buy at various prices

Back 17

demand

Front 18

giving up one alternative good or service for another

Back 18

trade-off

Front 19

amount of a good that producers are willing and able to sell at various prices

Back 19

supply

Front 20

something that can be used in making products or services

Back 20

resource

Front 21

study of how people and nations use limited resources to satisfy unlimited wants

Back 21

economics

Front 22

not having enough resources to satisfy all wants

Back 22

scarcity

Front 23

individuals and businesses own all resources and base economic decisions on price

Back 23

market economy

Front 24

decisions of what, how, and for whom to produce are based on custom

Back 24

traditional economy

Front 25

private ownership and some government involvement exist in a price-based system

Back 25

mixed market economy

Front 26

a nation's way of producing the things people need and want

Back 26

economic system

Front 27

the government makes the major economic decisions

Back 27

command economy

Front 28

buildings, tools, and equipment that manufacture goods

Back 28

capital

Front 29

money a business receives from selling its goods or services

Back 29

revenue

Front 30

slopes upward to the right

Back 30

supply curve

Front 31

slopes downward to the right

Back 31

demand curve

Front 32

amount supplied by producers is greater than the amount demanded by consumers

Back 32

surplus

Front 33

demand and supply are balanced in the market

Back 33

equilibrium price

Front 34

additional income received from each increase of one unit in sales

Back 34

marginal revenue

Front 35

way of comparing gains to expenses

Back 35

benefit-cost analysis

Front 36

quantity demanded is greater than the quantity supplied

Back 36

shortage