- Jamie works for the government in a factory. She works every day in order to fulfill government quotas. Her family lives in a modest apartment provided by the government. Jamie is part of a
- An individuals self-interest is what directs the economy.
- The government sets a price ceiling on pizza that is below the equilibrium price of pizza, causing
- Adam's incentive to open a new restaurant is profit. He knows that if he works hard and his restaurant is successful he will be able to earn a lot of money. Adam is
- The law of supply states that as the price of a good rises, the quantity supplied decreases.
- The government sets a price ceiling on cheeseburgers that is below the equilibrium price of cheeseburgers. This causes
- It costs Balls-R-Us, a supplier of soccer balls, $3.00 to produce each soccer ball and $300.00 to make one hundred soccer balls. It is able to sell these soccer balls for $10.00 each. What is the marginal cost of producing soccer balls?
- Jill's parents are fishermen, and ever since Jill was little she has been a fisherman. She uses little technology because she uses the fishing techniques of her ancestors. Jill often trades or barters her catch for other goods with her neighbors. Jill is a part of a
- In order to demand a good, a consumer must be both __________ and ______________ to buy the good.
- Major changes in a market economy tend to be
- In a market economy, the decisions of what, how, and for whom are often determined by
- In a communist or command economic system, who answers the three basic economic questions?
- Economic decisions in a command economy are made by
- Which of the following is not considered an economic and social goal of society?
- The law of demand states that as the price of a good increases, the quantity demanded
- Marginal cost is the cost of producing one more unit of output.
- If an economy is able to keep production costs down and allocate resources efficiently the economy has achieved the goal of __________.
- _________ is progress and development that results in increases of production.
- In order to achieve ________, every available resource in the economy must be used in production.
- Economic system developed in response to the need for _________ in societies, which deals effectively with the problem of scarcity.