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Term1/12
What is the amount of a good or service that a consumer is willing to buy called
Definition1/12

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.

Term1/12
Keynes emphasized that income was determined by which of these
Definition1/12

consumption, investment, and government spending

Term1/12
This type of economics addresses the question what is
Definition1/12

Pure economics addresses this question.

Term1/12
In which direction does the demand curve on a graph slant
Definition1/12

Downward left to right

Term1/12
In this department the Food Safety and Inspection Service inspects food and meat processing plants to make sure the products are safe for consumers
Definition1/12

Agriculture

Term1/12
Which of these should happen in order for a country to increase capital effectively
Definition1/12

More money invested and/or saved.

Term1/12
This man's economic theory was first proposed during the American Revolution
Definition1/12

Adam Smith published "The Wealth of Nations" in 1776. It described a system that we would think of as "capitalism".

Term1/12
The interaction of the producer and the consumer establishes a price
Definition1/12

True.

Term1/12
Malthus believed that as the labor force increases extra food will only be produced by farming less fertile soil
Definition1/12

true!!!!

Term1/12
What department operates US Custom Service that collects duties on imports combats smuggling and other international crimes
Definition1/12

Treasury

Term1/12
Which of these described they economic view of the Chicago school of economists
Definition1/12

microeconomic

Term1/12
Which of these answers best describes the Karl Marx's view of history
Definition1/12

a struggle of classes:)

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Cards in this guide (12)
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.

Keynes emphasized that income was determined by which of these

consumption, investment, and government spending

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

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

Which of these should happen in order for a country to increase capital effectively

More money invested and/or saved.

This man's economic theory was first proposed during the American Revolution

Adam Smith published "The Wealth of Nations" in 1776. It described a system that we would think of as "capitalism".

The interaction of the producer and the consumer establishes a price

True.

Malthus believed that as the labor force increases extra food will only be produced by farming less fertile soil

true!!!!

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

Treasury

Which of these described they economic view of the Chicago school of economists

microeconomic

Which of these answers best describes the Karl Marx's view of history

a struggle of classes:)

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