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Term1/14
What is the amount of a good or service that a consumer is willing to buy called
Definition1/14

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.

Term1/14
Which axis of a graph will always run vertically from the bottom to the top of the page
Definition1/14

The y axis always runs vertically.

Term1/14
Under this economic theory the government does not get involved in the economy
Definition1/14

Laissez-Faire

Term1/14
This type of graph is excellent for showing business cycles
Definition1/14

line graph


The most preferred type of graph to use for change over time is the line graph.
Term1/14
In economic terms what does market mean
Definition1/14

the coming together of a buyer and seller

Term1/14
What type of tax is placed on the value of inherited property
Definition1/14

inheritance

Term1/14
What is the subject on which a tax is levied
Definition1/14

tax base

Term1/14
In which direction does the demand curve on a graph slant
Definition1/14

Downward left to right

Term1/14
In this department the Food Safety and Inspection Service inspects food and meat processing plants to make sure the products are safe for consumers
Definition1/14

Agriculture

Term1/14
In which direction does the supply curve slope from the left to the right
Definition1/14

upward

Term1/14
The financial management service is the bookkeeper for the federal government and is managed by this department
Definition1/14

treasury

Term1/14
On a graph what are the labels for the axes and the name called
Definition1/14

titles

Term1/14
What department operates US Custom Service that collects duties on imports combats smuggling and other international crimes
Definition1/14

Treasury

Term1/14
Consumers create construct or offer goods and servies for sale to a consumer
Definition1/14

false

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Cards in this guide (14)
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.

Under this economic theory the government does not get involved in the economy

Laissez-Faire

This type of graph is excellent for showing business cycles

line graph


The most preferred type of graph to use for change over time is the line graph.
In economic terms what does market mean

the coming together of a buyer and seller

What type of tax is placed on the value of inherited property

inheritance

What is the subject on which a tax is levied

tax base

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

In which direction does the supply curve slope from the left to the right

upward

The financial management service is the bookkeeper for the federal government and is managed by this department

treasury

On a graph what are the labels for the axes and the name called

titles

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

Treasury

Consumers create construct or offer goods and servies for sale to a consumer

false

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