ln a capitalist system, most property is

The value of the next best alternative that has to be given up for the action that is chosen is the

What goods and services should be produced, how they should be produced, and who should share in what is produced are three basic questions addressed by

All the combinations of goods and services that can be produced in a given time with a fixed amount of resources are called

A laissez-faire economic system is one in which

A person who buys a stock for $20 and sells it for $30 has earned $10 in

Federal agencies actually decrease competition in an industry by

GDP adjusted for price changes

The ability of an individual or group to carry out a particular economic activity more efficiently than another individual or group is called

highest point in a business cycle

general increase in prices across the economy

government’s use of spending and taxes to influence the economy

increases the money supply usually by lowering interest rates

GDP measured in today’s prices

tax for which the percentage of income paid in taxes increases as income increases

FDIC stands for…

ability to buy goods and services

decisions the Federal Reserve makes about money and banking

use of trade barriers to shield domestic industries from foreign competition

lowest point in the business cycle

the amount by which the cost of a country's imports exceeds the value of its exports

monetary policy that reduces the money supply

Number that effectively denotes your personal level of fiscal responsibility

period of economic growth

when the real GDP falls for at least six months

amount of deposits that banks are required to keep on hand

The amount by which the cost of a country's exports exceeds the value of its imports

A measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care

According to the law of supply, higher prices prompt producers to

Demand for one particular brand of coffee is probably

the amount of a good or service that producers are able and willing to sell at various prices during a specified time period

situation in which the quantity demanded is greater than the quantity supplied

When the price of a good is too high for consumers, they look for

Generally, the more substitutes there are for a good, the (elasticity)

economic rule stating that as more units of a factor of production are added, total output continues to increase, but at a diminishing rate

According to the law of demand, quantity and price move

If the price of a product is above its equilibrium price, the result is a

The additional amount of satisfaction incurred when an addition unit of a product is consumed

Diminishing marginal utility refers to the fact that

economic rule stating that individuals cannot keep buying the same quantity of a product if its price rises while their incomes stay the same

economic rule stating that the additional satisfaction a consumer gets from purchasing one more unit of a product declines with each additional unit purchased

price at which the amount producers are willing to supply is equal to the amount consumers are willing to buy

The demand for gas is ________, while the supply for apples is _______.

laws passed by federal and state governments to prevent new monopolies from forming and to break up those that already exist

An example of antitrust legislation is the

obstacles to competition that prevent others from entering a market

government protection that gives an inventor the exclusive right to make, use, or sell an invention for a specific number of years

If one company purchases 52 percent of the stock of another company, the transaction is known as a

Market structure describes

Federal agencies actually decrease competition in an industry by

reduction of government regulation and control over business activity

decreases in the average costs of production over time that result from the large quantity of output

Factors of Production of a School

A desk is considered _______ _______, a teacher is considered ________, what is produced is _________ ________

Economic system in which economic decisions are made by the individual rather than the government

It is easier to start your own business in a

All the combinations of goods and services that can be produced in a given time with a fixed amount of resources are called

__________ + __________ = scarcity

Of the economic goals (freedom, efficiency, equity, security, growth, price stability, and full employment), which two are in conflict with each other?