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Economics

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Veda Glover

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Cards in this guide (10)
The gross domestic product goes up when there is what

More investment in businesses

What is one of the main factors driving prices for goods and services upward

Production costs increase so that producers need to charge more to make a profit.

In a free-market system producers are motivated to reduce costs and increase revenues because of what

The profit motive.

In the game of economics workers are the players who function as both producers and

In the game of economics, workers are the players who function as both producers and _consumers_

In a free market system the profit motive motivates producers to do which of the following

minimize costs and maximize revenues

Which of the following is uded by economists to measure the satisfaction a person gets from the use or consumption of goods and services

The concept of utility.

Match the type of market structure with each example

A. Pure competition Computer operating systems B.Near monopoly Fast food restaurants C. Monopolistic competition Online auctioning D. Oligopoly Car makers

Is a technique advertisers employ to increase consumer demand for their goods and services

turning luxuries into necessities

Which most strongly drives producers in a free market economy

Coercion

Which of the following is measured by utility

The Satisfaction a person gets from consumption

this is for apex economics

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