Richter-Economics-Final Exam Review
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| show | complements
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| show | normal goods
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| show | substitutes
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| goods for which demand falls as income increases | show 🗑
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| show | subsidy
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| a factor that can change | show 🗑
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| how much of a good is offered for sale at a specific price | show 🗑
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| a cost that does not change no matter how much is produced | show 🗑
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| point at which supply and demand come together | show 🗑
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| show | surplus
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| in a market with only one seller, that seller has a | show 🗑
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| What is the principle of the law of supply? | show 🗑
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| show | it lowers the cost and increases supply
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| show | it had major shartages of many goods and services
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| the controller of a monopoly sets the price of goods by charging | show 🗑
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| show | economic system
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| the amount of money left over alfter all costs of production have been paid is the | show 🗑
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| one of the first people to attempt to explain how the market operates in a pure market economy was | show 🗑
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| show | standard of living
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| show | demand
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| show | utility
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| show | substitute good
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| show | vertical
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| show | sole proprietorship
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| show | collateral
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| show | negative externalities
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| show | collateral
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| show | partnership
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| show | stock
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| all people who are at least 16 and are working or are seeking work are included in the | show 🗑
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| show | minimum wage
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| an organization that negotiates with employers for better wages and working conditions is a | show 🗑
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| the profits that a stockholder in a corporation receives is called | show 🗑
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| show | business cycle
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| good or service provided by the government for everyone | show 🗑
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| show | transfer payment
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| food stamps, legal aid, and food giveaways are examples of | show 🗑
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| social security and medicare benefits are examples of | show 🗑
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| show | free rider
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| show | dam, highway, city park
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| when a market does not distribute resources efficiently, economists call it a | show 🗑
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| an economic side effect that generates costs or benefits to someone other than the person making the decision is known as a (an) | show 🗑
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| an income level below that which is needed to support families is | show 🗑
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| show | safety nets
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| economists define___as the "limited quantities to meet unlimited wants" | show 🗑
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| all decisions require ___ because we must give up some alternatives when we choose a certain course of aciton | show 🗑
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| show | capital
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| economists use the term___ when a country decides whether to use its resources to manufacture military equipment or consumer products | show 🗑
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| a person who starts a new business or develops an original idea is known as a (an) | show 🗑
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| the___of self-interest results when the consumer tries to get the most for his/her money while the producer tries to get the most money for his product or service | show 🗑
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| show | voluntary exchange
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| a demand curve goes form___ to ___ while a supply curve goes for ___ to ___ | show 🗑
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| when a union forces a company to keep unnecessary workers on the company | show 🗑
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| show | glass ceiling
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| an organized work stoppage intended to force an employer to address union demands | show 🗑
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| the theory that the completion of college tells employers that a job applicant is reasonabale intelligent and hard-working | show 🗑
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| key economic questions that every society must answer | show 🗑
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| show | capital, labor, and land
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