Ch #3 Test Economics (A)

the rivalry among sellers to attract customers while lowering costs

• Profit Motive

• Competition

• Open Opportunity

• Business Cycle

the force that encourages people and organizations to improve their material well being

• Cash Transfers

• Competition

• Profit Motive

• Gross Domestic Product (GDP)

the total value of all final goods and services produced in a particular economy.

• Gross Domestic Product (GDP)

• Profit Motive

• Cash Transfers

• welfare

the concept that people may decide what and when they want to buy and sell.

• Free Contract

• Public Disclosure Laws

• Open Opportunity

• Voluntary Exchange

the study of the economic behavior and decision making of small units, such as individuals, families and businesses

• Macroeconomics

• Business Cycle

• Microeconomics

• Public Disclosure Laws

laws requiring companies to provide full information about their products.

• Free Contract Laws

• Public Disclosure Laws

• Business Cycle

• Public Laws

the study of the behavior and decision making of entire economies.

• Microeconomics

• Open Opportunity

• Macroeconomics

• Public Disclosure Laws

the concept that people may decide what agreements they want to enter into.

• Free Contract

• Open Opportunity

• Voluntary Exchange

• Public Disclosure Laws

a period of macroeconomic expansion followed by a period of contraction

• Macroeconomics

• Microeconomics

• Gross Domestic Product (GDP)

• Business Cycle

the concept that everyone can compete in the marketplace

• Free Contract

• Competition

• Profit Motive

• Open Opportunity