Economics Unit 3 Review

This is the fundamental law of economics that asserts once the price of a good increases, so too does its production.

This is the fundamental law of economics that asserts once the price of a good increases, its consumption decreases.

In an economy, this is the amount of a good or service purchased or desired for purchase by consumers.

In an economy, this is the amount of a good or service provided by producers.

This book articulated and codified the foundational beliefs of modern free-market economics.

This is the concept that profit-driven individuals will provide for society’s needs.

This is the practice of eliminating tariffs in order to maximize regional and interregional commercial trade.

This fundamental principle of free market economics ensures that a variety of suppliers will result in equilibrium price and high(er) production quality.

This is the study of economics concerned with the single factors and decisions of individuals.

This is an internal or external drive that motivates or encourages one to do something.