JA Chp. 1-5
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Adam Smith | show 🗑
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| Barter | show 🗑
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| show | The gains that result when a choice is made.
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| Buying power | show 🗑
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| show | The buildings, tools, and machines people create and use to produce final goods and services.
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| show | Latin for “all else being equal”; a fundamental assumption in many economic models
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| Command economy | show 🗑
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| show | Products that often are used together.
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| Consumption | show 🗑
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| Costs | show 🗑
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| Demand | show 🗑
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| show | The point reached when an additional unit of a product consumed is less satisfying than the one before it.
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| show | A negative or withdrawn reward.
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| Distribution | show 🗑
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| show | A condition of economic fairness and impartiality.
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| show | A condition in which individuals and businesses have freedom of choice in employment, buying, selling, use of time, and other economically related decisions.
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| Economic growth | show 🗑
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| Economic security | show 🗑
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| Economics | show 🗑
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| Entrepreneurship | show 🗑
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| Equilibrium | show 🗑
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| Factors of production | show 🗑
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| show | The condition that allows people to freely make choices in their economic roles.
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| show | A condition in which almost all people in the labor force are able to find work.
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| show | A positive reward that results from making a choice or behaving in a certain way.
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| show | A good for which quantity demanded falls as income increases.
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| Labor | show 🗑
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| show | Natural resources that are unaltered gifts of nature, such as soil, minerals, timber, and fresh water.
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| Law of demand | show 🗑
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| Law of supply | show 🗑
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| Macroeconomics | show 🗑
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| show | The extra or additional costs or benefits of a decision.
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| show | The additional cost of increasing one unit of production.
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| Market | show 🗑
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| show | Rivalry among businesses for resources and customers.
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| show | The total of all individual demands in a given market at a particular time.
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| Market economy | show 🗑
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| show | The total of all individual suppliers’ products in a market at a particular time.
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| Market-clearing price | show 🗑
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| Microeconomics | show 🗑
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| show | An economic system that blends voluntary exchange, government command, and traditional elements of economic choice-making.
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| show | Anything that is generally accepted as payment for goods and services.
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| Normal good | show 🗑
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| Opportunity cost | show 🗑
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| Price ceiling | show 🗑
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| show | The inclination of people to buy less of something at higher prices than they would buy at lower prices.
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| Price elasticity of demand | show 🗑
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| show | A price set above equilibrium by the government
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| Price stability | show 🗑
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| show | An arrangement that uses monetary prices as messages to facilitate exchanges between buyers and sellers.
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| Private property | show 🗑
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| show | A process that combines economic resources so the result is a good or service that is available for sale.
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| Profit | show 🗑
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| Public property | show 🗑
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| Rationing | show 🗑
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| show | An inequality that exists between wants and the resources available to satisfy them.
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| show | The difference between the amount supplied and the amount demanded when the asking price is less than a market-clearing price.
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| show | A process in which businesses and people focus on producing one or a few parts of an entire product.
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| show | A good or service that can replace another good or service.
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| show | Quantities of a good or service that producers are willing and able to sell at different prices at a particular time.
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| show | The difference between the amount supplied and the amount demanded when the asking price is greater than a market-clearing price.
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| show | Exchanging something for something else.
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| Traditional economy | show 🗑
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| Utility | show 🗑
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
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