Cards in this guide (16)
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.
Under this economic theory the government does not get involved in the economy
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
In this department the Food Safety and Inspection Service inspects food and meat processing plants to make sure the products are safe for consumers
Which of these should happen in order for a country to increase capital effectively
More money invested and/or saved.
Why do small banks in remote locations sometimes become a subsidiary of a larger bank
To offer more services to the general puclic
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)
The interaction of the producer and the consumer establishes a price
Only one person is liable if the business fails
This type of economics addresses the question how can you achieve the goals that have been established
What department operates US Custom Service that collects duties on imports combats smuggling and other international crimes
Which term applies to this definition
The total output of a group of individuals and the entire
economy will increase when each good is produced at the lowest
cost.
To which person would this event be of concern A business because the old-growth forest was not cut down
Which term applies to this situation failure to return a book to the library on time an paying a fine
