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Alek Batz

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Term1/20
What is the amount of a good or service that a consumer is willing to buy called
Definition1/20

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.

Term1/20
Which axis of a graph will always run vertically from the bottom to the top of the page
Definition1/20

The y axis always runs vertically.

Term1/20
Under this economic theory the government does not get involved in the economy
Definition1/20

Laissez-Faire

Term1/20
This type of graph is excellent for showing business cycles
Definition1/20

line graph


The most preferred type of graph to use for change over time is the line graph.
Term1/20
In economic terms what does market mean
Definition1/20

the coming together of a buyer and seller

Term1/20
What type of tax is placed on the value of inherited property
Definition1/20

inheritance

Term1/20
What is the subject on which a tax is levied
Definition1/20

tax base

Term1/20
In this department the Food Safety and Inspection Service inspects food and meat processing plants to make sure the products are safe for consumers
Definition1/20

Agriculture

Term1/20
What type of tax is imposed on all real and personal property of a deceased person
Definition1/20

estate (A+)

Term1/20
In which direction does the supply curve slope from the left to the right
Definition1/20

upward

Term1/20
The financial management service is the bookkeeper for the federal government and is managed by this department
Definition1/20

treasury

Term1/20
On a graph what are the labels for the axes and the name called
Definition1/20

titles

Term1/20
Only one person is liable if the business fails
Definition1/20

proprietorship

Term1/20
If supply exceeds demand for a product what economic explanation occurs
Definition1/20

prices decrease

Term1/20
Depreciation is a very important economic problem and needs to be used in accounting for what purpose
Definition1/20

all of these

Term1/20
Which of these produces money in the form of rent
Definition1/20

land

Term1/20
What department operates US Custom Service that collects duties on imports combats smuggling and other international crimes
Definition1/20

Treasury

Term1/20
A certain producers business is to collect sterilize add seltzer and redbottle water after doing this how can the water be classified
Definition1/20

economic question

Term1/20
Consumers create construct or offer goods and servies for sale to a consumer
Definition1/20

false

Term1/20
Is a partnership firm has any legal entity
Definition1/20

No, a partnership firm has no legal entity. Registering the partnership firm means registering the partnership relation. firm has no separate legal entity.

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Cards in this guide (20)
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 this department the Food Safety and Inspection Service inspects food and meat processing plants to make sure the products are safe for consumers

Agriculture

What type of tax is imposed on all real and personal property of a deceased person

estate (A+)

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

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

Which of these produces money in the form of rent

land

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

Treasury

A certain producers business is to collect sterilize add seltzer and redbottle water after doing this how can the water be classified

economic question

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

false

Is a partnership firm has any legal entity

No, a partnership firm has no legal entity. Registering the partnership firm means registering the partnership relation. firm has no separate legal entity.

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