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Damion Dooley

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Term1/15
What is the amount of a good or service that a consumer is willing to buy called
Definition1/15

Demand is considered what consumers are willing and able to buy. If the product or service is too expensive, then people won't buy it because they can't afford it and there will be no demand. If it's affordable but people don't see the use, they still won't buy it and there will still be no demand. In order to create demand, a product has to be both useful and affordable. The more useful and affordable it is, the more demand there will be.

Term1/15
Which axis of a graph will always run vertically from the bottom to the top of the page
Definition1/15

The y axis always runs vertically.

Term1/15
This type of economics addresses the question what is
Definition1/15

Pure economics addresses this question.

Term1/15
In which direction does the demand curve on a graph slant
Definition1/15

Downward left to right

Term1/15
In this department the Food Safety and Inspection Service inspects food and meat processing plants to make sure the products are safe for consumers
Definition1/15

Agriculture

Term1/15
Which of these should happen in order for a country to increase capital effectively
Definition1/15

More money invested and/or saved.

Term1/15
What type of view of economics did the rational expectation school of economics headed by lucas and sargent take
Definition1/15

macroeconomic

Term1/15
What do the inner arrows of the circular flow model represent
Definition1/15

flow of money payments(Kaylop)
Factor services ( From household to firms) &

Goods & Services (From firms to households).

[in a 2 sector economy)

Term1/15
All economic systems are concerned with which of these same problems
Definition1/15

what, how, how much, and for whom to produce

Term1/15
Only one person is liable if the business fails
Definition1/15

proprietorship

Term1/15
If supply exceeds demand for a product what economic explanation occurs
Definition1/15

prices decrease

Term1/15
Depreciation is a very important economic problem and needs to be used in accounting for what purpose
Definition1/15

all of these

Term1/15
What department operates US Custom Service that collects duties on imports combats smuggling and other international crimes
Definition1/15

Treasury

Term1/15
Supply creates a demand
Definition1/15

False(Kaylop)

Term1/15
Economic theory helps us to understand events in the real world of daily living.
Definition1/15

true (A+)

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Cards in this guide (15)
What is the amount of a good or service that a consumer is willing to buy called

Demand is considered what consumers are willing and able to buy. If the product or service is too expensive, then people won't buy it because they can't afford it and there will be no demand. If it's affordable but people don't see the use, they still won't buy it and there will still be no demand. In order to create demand, a product has to be both useful and affordable. The more useful and affordable it is, the more demand there will be.

Which axis of a graph will always run vertically from the bottom to the top of the page

The y axis always runs vertically.

This type of economics addresses the question what is

Pure economics addresses this question.

In which direction does the demand curve on a graph slant

Downward left to right

In this department the Food Safety and Inspection Service inspects food and meat processing plants to make sure the products are safe for consumers

Agriculture

Which of these should happen in order for a country to increase capital effectively

More money invested and/or saved.

What type of view of economics did the rational expectation school of economics headed by lucas and sargent take

macroeconomic

What do the inner arrows of the circular flow model represent

flow of money payments(Kaylop)
Factor services ( From household to firms) &

Goods & Services (From firms to households).

[in a 2 sector economy)

All economic systems are concerned with which of these same problems

what, how, how much, and for whom to produce

Only one person is liable if the business fails

proprietorship

If supply exceeds demand for a product what economic explanation occurs

prices decrease

Depreciation is a very important economic problem and needs to be used in accounting for what purpose

all of these

What department operates US Custom Service that collects duties on imports combats smuggling and other international crimes

Treasury

Supply creates a demand

False(Kaylop)

Economic theory helps us to understand events in the real world of daily living.

true (A+)

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