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30 Cards in this Set
- Front
- Back
Households
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These people own the factors of production in a market economy
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Inverse
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Demand and prices have a(n) ________ relationship
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Traditional
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This type of economy is based on ritual and custom
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Socialism
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A political philosophy of dividing out welath among the citizens
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Government
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This group of people owns the factors of production in a command economy
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Free Market
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This type of economy is what the United States has (EOC Answer)
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Law of Demand
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A principle that says at low prices, people are willing to buy more, and at high prices people are willing to buy less
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Mixed
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This type of economy includes a market economy with some government intervention
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Substitutes
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Goods that can be used in place of another
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Decreases
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As pice _________, demand increases
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Minimum Wage
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This is an example of the way the United States government controls some aspects of the United States economy
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Firms
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In the circular flow, these organizations provide goods and services
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Increases
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As price _____________, demand decreases
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Downward
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The demand curve has this type of slope
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Change in Price
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This causes movement along the demand curve
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Inelastic
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If quantity demanded does not change with a change in price, the demand is _______
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Elastic
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If quantity demanded changes with a change in price, the demand is _______
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Supply
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The amount of goods available
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Demand
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The desire to own something and the ability to pay for it
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Compliments
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Goods that are bought together
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Direct
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Quantity supplied and price have a _____ relationship
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Law of Supply
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The concept that producers supply more at higher prices and less at lower prices
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Left
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The direction that the supply curve would shift if there was a decrease in supply
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Shift
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Change in technology can cause a _____ in the demand curve
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Supply Schedule
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A chart that describes quantity supplied at different prices
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Communism
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A political philosophy in which all economic power rests with the central government
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Circular Flow
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This contains the monetary and physical flow of an economy
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Quantity
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The x-axis of a supply and demand graph would be labeled as _________
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Price
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The y-axis of a supply and demand graph would be labeled as _________
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Market Supply Schedule
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Combining the various supply schedules
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