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Term1/17
What is a trade-off
Definition1/17

A trade-off is an alternative that we sacrifice when we make a decision.

Term1/17
Price effect is a combination of income effect and substitution effect
Definition1/17

Yes, Price effect = substitution effect + income effect

Term1/17
How does a society answer the three economic questions about the production and consumption of goods and services
Definition1/17

Its answer is based on the importance it attaches to various economic goals and societal values.

Term1/17
What is the income people receive for supplying factors of production such as land labor or capital called
Definition1/17

They are called factor payments.

Term1/17
How can population changes affect demand for certain goods
Definition1/17

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.

Term1/17
What is the effect of the interaction of buyers and sellers on a market
Definition1/17

agreement on the price and quantity traded

Term1/17
Addressing the goal of what provides assurance that goods and services will be available and payments will be made on time
Definition1/17

equity

Term1/17
What was not a priority of soviet planners
Definition1/17

luxury items for consumers

Term1/17
Government programs that protect people experiencing unfavorable economic conditions are
Definition1/17

Safety Net!

Term1/17
In a traditional economy what are the economic decisions based largely on
Definition1/17

Customs and traditions.

Term1/17
What is an example of scarcity rather than shortage
Definition1/17

A person wants an endless supply of everything but cannot have it.

Term1/17
Should all college students be required to study abroad for a semester
Definition1/17

Type

Term1/17
Which of the following is most important characteristic of an entrepreneur
Definition1/17

hard work and patience

Term1/17
What do we mean when we say invisible hand
Definition1/17

Adam Smith's invisible hand theory

Term1/17
Which of the following is not an economic goal that influences how societies answer the three key economic questions
Definition1/17

In order to know which of the following is not an economic goal that influences how societies answer the three key economic questions one would need to know the answer choices.

Term1/17
What is the money multiplier formula
Definition1/17

The money multiplier formula is the amount of new money that will be created with each demand deposit, calculated as 1 ÷ RRR.

Term1/17
Which is not a process involved in the formation of sedimentary rocks
Definition1/17

how does the fossil record provide evidence for evolution?!

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Cards in this guide (17)
What is a trade-off

A trade-off is an alternative that we sacrifice when we make a decision.

Price effect is a combination of income effect and substitution effect

Yes, Price effect = substitution effect + income effect

How does a society answer the three economic questions about the production and consumption of goods and services

Its answer is based on the importance it attaches to various economic goals and societal values.

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

Addressing the goal of what provides assurance that goods and services will be available and payments will be made on time

equity

What was not a priority of soviet planners

luxury items for consumers

Government programs that protect people experiencing unfavorable economic conditions are

Safety Net!

In a traditional economy what are the economic decisions based largely on

Customs and traditions.

What is an example of scarcity rather than shortage

A person wants an endless supply of everything but cannot have it.

Should all college students be required to study abroad for a semester

Type

Which of the following is most important characteristic of an entrepreneur

hard work and patience

What do we mean when we say invisible hand

Adam Smith's invisible hand theory

Which of the following is not an economic goal that influences how societies answer the three key economic questions

In order to know which of the following is not an economic goal that influences how societies answer the three key economic questions one would need to know the answer choices.

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.

Which is not a process involved in the formation of sedimentary rocks

how does the fossil record provide evidence for evolution?!

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