- Economic system developed in response to the need for _________ in societies, which deals effectively with the problem of scarcity.
- Martha works at a retail store. She is paid by the store in a factor market and buys her clothing at the store in a product market. This cycle of individuals and businesses interacting is called
- An individual buys a finished product for the purpose of consumption in a
- The circular flow of money, resources, and products illustrates all of the following except
- The four factors of production are the resources of land, labor, capital and
- If an economy is able to keep production costs down, and allocate resources effectively, they have achieve the goal of equality.
- The economic goals of the American free-enterprise system include
- Distinguish which of the following best describes Adam Smith's "invisible hand"?
- Since the mid-1900s, computers have evolved from the size of a large room to devices that fit in the palm of your hand. The technological capabilities of computers have increased production of many goods and services in the United States and throughout the world. Although computers have increased production, they have also eliminated many jobs. This is an example of
- Differentiate what motivates people to establish new businesses or expand existing ones
- Entrepreneurs are the driving force of a market economy. Peter is an entrepreneur focused on becoming an owner of a successful business. Peter is motivated by
- Choose which economic rule states that the additional satisfaction people get from consuming one more unit of a product will lessen with each additional unit they consume
- Complete the following sentence: "The main duties of The Federal Reserve are to conduct monetary policy, provide banking services to financial institutions, and....."
- The airline industry in America is an example of __________, because a few firms dominate the industry.
- In a trade-off, evaluate what the value of an opportunity cost is
- You are invited to a party on Thursday night. Do you have an important economics test to take early the next morning in order to help make the correct decision you write down the advantages and disadvantage is of going to the party or going to the library to study what must you consider as you weigh your decision
- ________ are the difference between federal spending and revenue.
- A businessman purchases flowers for his wife on the way home from work. The man purchased the flowers in a product market.
- Goods that are naturally available to all are called
- You receive a coupon in the mail that gives you a free meal at your favorite restaurant. You go to the restaurant and enjoy your free meal. The next time you go to the restaurant, you notice the price of your favorite dish has been raised. This example illustrates the concept of