A trade-off is an alternative that we sacrifice when we make a
decision.
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Term1/16
What happens when the supply of a nonperishable good is greater than the consumer wants to buy
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Definition1/16
Either the price drops until the consumers are prepared to buy
more, or supplier are left holding surplus stocks until replacement
purchases clear these inventories.
No manufactured good is truly non-perishable, and so will
eventually require replacement.
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Term1/16
Money that can be easily divided into smaller units of value has the characteristic of
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Definition1/16
BUTT
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Term1/16
What is the income people receive for supplying factors of production such as land labor or capital called
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Definition1/16
They are called factor payments.
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Term1/16
How can population changes affect demand for certain goods
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Definition1/16
immediate demand for a good will go up if it's price is expected
to rise.
this is how population changes affect demand for certain
goods.
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Term1/16
What is the effect of the interaction of buyers and sellers on a market
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Definition1/16
agreement on the price and quantity traded
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Term1/16
Government programs that protect people experiencing unfavorable economic conditions are
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Definition1/16
Safety Net!
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Term1/16
The physical capital used by a woodworker to make furniture would include
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Definition1/16
saws and drills
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Term1/16
In a traditional economy what are the economic decisions based largely on
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Definition1/16
Customs and traditions.
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Term1/16
What is an unitary elastic supply
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Definition1/16
A unitary-elastic supply indicates a good with a supply-price
elasticity of one, which means that a 1% change in price increases
supply by 1%.
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Term1/16
What is an example of scarcity rather than shortage
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Definition1/16
A person wants an endless supply of everything but cannot have
it.
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Term1/16
Which of the following is most important characteristic of an entrepreneur
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Definition1/16
hard work and patience
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Term1/16
Which is the government agency that covers customer deposits if a bank fails
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Definition1/16
Federeal Deposit Insurance Corporation (FDIC)
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Term1/16
What kind of decision cannot be made at the margin
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Definition1/16
whether to spend your two-week vacation on the shore or in
town
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Term1/16
Objects that have value in themselves and that are also used as money is the definition for
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Definition1/16
Objects that have value in themselves and are also used as money
are referred to as commodity money.
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Term1/16
What is the money multiplier formula
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Definition1/16
The money multiplier formula is the amount of new money that will be created with each demand deposit, calculated as 1 ÷ RRR.
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Cards in this guide (16)
What is a trade-off
A trade-off is an alternative that we sacrifice when we make a
decision.
What happens when the supply of a nonperishable good is greater than the consumer wants to buy
Either the price drops until the consumers are prepared to buy
more, or supplier are left holding surplus stocks until replacement
purchases clear these inventories.
No manufactured good is truly non-perishable, and so will
eventually require replacement.
Money that can be easily divided into smaller units of value has the characteristic of
BUTT
What is the income people receive for supplying factors of production such as land labor or capital called
They are called factor payments.
How can population changes affect demand for certain goods
immediate demand for a good will go up if it's price is expected
to rise.
this is how population changes affect demand for certain
goods.
What is the effect of the interaction of buyers and sellers on a market
agreement on the price and quantity traded
Government programs that protect people experiencing unfavorable economic conditions are
Safety Net!
The physical capital used by a woodworker to make furniture would include
saws and drills
In a traditional economy what are the economic decisions based largely on
Customs and traditions.
What is an unitary elastic supply
A unitary-elastic supply indicates a good with a supply-price
elasticity of one, which means that a 1% change in price increases
supply by 1%.
What is an example of scarcity rather than shortage
A person wants an endless supply of everything but cannot have
it.
Which of the following is most important characteristic of an entrepreneur
hard work and patience
Which is the government agency that covers customer deposits if a bank fails
Federeal Deposit Insurance Corporation (FDIC)
What kind of decision cannot be made at the margin
whether to spend your two-week vacation on the shore or in
town
Objects that have value in themselves and that are also used as money is the definition for
Objects that have value in themselves and are also used as money
are referred to as commodity money.
What is the money multiplier formula
The money multiplier formula is the amount of new money that will be created with each demand deposit, calculated as 1 ÷ RRR.