Economics Final Review

Front

The idea of having limited resources is known as?

Back

scarcity

Front

A graph showing the different maximum combinations of two goods that can be produced is known as?

Back

Production Possibilities Frontier (PPF)

Front

What is the amount of a good or service that producers are willing and able to offer for sale at a given price known as?

Back

Supply

Front

Which of the following is not a type of tax? Local, Federal, State, Household

Back

Household

Front

The value of the next best alternative that we forgo when we make a choice is called?

Back

Opportunity cost

Front

The amount of a good or service that consumers are willing and able to purchase at a given price is known as?

Back

demand

Front

An economic system that emphasizes private ownership and control of businesses and resources, and relies on market forces to determine prices and allocate resources is known as?

Back

Free Enterprise

Front

Capitalism may also be known as?

Back

Pure Market economy

Front

The point when the quantity supplied and the quantity demanded are equal at a certain price is known as?

Back

Market Equilibrium

Front

A tax in which the tax rate increases as the taxable income amount increases is known as what type of tax system?

Back

Progressive tax system