Term
| An economic system where the government attempts to own and control important resources and to make the decisions about what will be produced and consumed |
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| The type of market in which there is only one supplier offering a unique product |
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| The result of unlimited wants and needs combined with limited resources |
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Term
| The study of economic behavior and relationship for the entire society |
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Term
| The use of resources toward the greatest profit for the producer |
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Term
| The point where supply and demand for a product are equal |
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Definition
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| The type of market in which there are large number of suppliers offering very similar products |
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| An economic system in which resources are owned by individuals and decisions are made independently with no attempt at government regulation or control |
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Term
| A graph that illustrates the relationship between price and the quantity supplied |
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Definition
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Term
| An economic system based on independent decisions by business and consumers with only a limited government role |
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Definition
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Term
| True or False: A private enterprise economy is heavily regulated by government. |
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Definition
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Term
| True or False: Consumers have limited resources and unlimited needs and wants. |
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Definition
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Term
| Changes in a product’s physical features affect its _______ utility. |
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Term
| True or False: A larger supply of a product will usually cause consumers to place a lower value on it. |
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Term
When the price of a product is increased, a smaller quantity will be purchased. That statement is known as which of the following?
- The law of supply
- The law of demand
- The law of the land
- The law of economic utility
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Term
| True or False: Economic resources are classified as natural resources, capital, equipment, and consumers. |
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Term
17. In pure competition, there are a large number of suppliers offering which of the following?
- Very similar products
- Somewhat different products
- Unique products
- An unlimited supply of products
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Definition
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Term
| True or False: The quantity of a product that producers are willing and able to provide at a specific price is known as demand. |
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Definition
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Term
| Locating an automated teller machine in an airport is an example of improving the _____ utility for banking services. |
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Definition
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Term
| _______ is a relationship between the quantity of a product that producers are willing and able to provide and the price. |
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Definition
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Term
| True or False: Individuals who purchase products and services to satisfy needs are known as producers. |
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Definition
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Term
| The relationship between price and the quantity demanded is often illustrated in a graph known as a(n) _______ curve. |
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Definition
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Term
| True or False: In theory, a business in a monopoly can charge any price because it is selling a unique product. |
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Definition
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Term
| In a __________, some goods and services are provided by the government and some by private enterprise. |
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Definition
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Term
| The ________ is the use of resources to obtain the greatest profit. |
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Term
| __________ is an individual view of the worth of a product or service. |
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Definition
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Term
| __________ examines the relationships between individual consumers and producers. |
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Definition
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Term
| The relationship between price and the quantity demanded is often illustrated in a graph is a __________. |
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Definition
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Term
| ____________ are classified as natural resources, capital, equipment, and labor. |
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Definition
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Term
| In an __________ a few businesses offer very similar products or services. |
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Definition
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Term
| In ____________, there are many firms competing with products that are somewhat different. |
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Definition
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Term
| ________________ is the amount of satisfaction a consumer receives from the consumption of a particular product or service. |
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