Economics Mid-Term

The value people put on a good or service and is reflected in its price is

• free goods

• economic cost

• economic goods

• economic services

The worth of everything is determined by its usefulness to the buyer

• subjective value

• intrinsic value

• opportunity benefit

• none of the above

Not just a willingness to buy but as the act of buying is

• marginal utility

• demand

• economic services

• none of the above

Goods that maybe used in the place of others is called

• normal good

• inferior good

• substitute goods

• none of the above

The higher the price buyers are willing to pay, the greater the quantity of the product a supplier will produce

• supply schedule

• supply curve

• law of supply

• none of the above

An excess of unsold products is

• surplus

• stock

• normal goods

• none of the above

A barrier preventing the price from falling lower is

• market equilibrium point

• price floor

• market equilibrium price

• price ceilings

Payments of money or goods to persons for which no specific economic repayment is expected

• profits

• transfer payments

• interest

• a gift

Vast collections of financial institutions that receive deposits of excess funds from households and lend to business firms

• budget deficit

• budget surplus

• financial market

• none of the above

The increase of goods and services produced by business firms that are using more land, labor, or financial capital than previously

• extensive growth

• surplus

• intensive growth

• demand