JA Chp. 1-5
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Adam Smith | show 🗑
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| Barter | show 🗑
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| show | The gains that result when a choice is made.
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| show | The quantity of goods and services a person can buy with a given amount of money.
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| show | The buildings, tools, and machines people create and use to produce final goods and services.
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| ceteris paribus | show 🗑
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| Command economy | show 🗑
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| Complementary goods | show 🗑
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| Consumption | show 🗑
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| Costs | show 🗑
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| Demand | show 🗑
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| Diminishing marginal utility | show 🗑
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| show | A negative or withdrawn reward.
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| Distribution | show 🗑
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| Economic equity | show 🗑
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| Economic freedom | show 🗑
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| Economic growth | show 🗑
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| Economic security | show 🗑
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| Economics | show 🗑
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| Entrepreneurship | show 🗑
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| Equilibrium | show 🗑
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| show | The land, labor, and capital resources used to produce goods and services.
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| Free enterprise | show 🗑
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| Full employment | show 🗑
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| show | A positive reward that results from making a choice or behaving in a certain way.
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| show | A good for which quantity demanded falls as income increases.
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| show | The physical and mental efforts people use to create goods and services.
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| show | Natural resources that are unaltered gifts of nature, such as soil, minerals, timber, and fresh water.
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| Law of demand | show 🗑
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| Law of supply | show 🗑
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| show | The study of the economy as a whole.
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| show | The extra or additional costs or benefits of a decision.
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| show | The additional cost of increasing one unit of production.
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| show | An arrangement that allows buyers and sellers to make exchanges.
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| show | Rivalry among businesses for resources and customers.
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| show | The total of all individual demands in a given market at a particular time.
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| Market economy | show 🗑
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| show | The total of all individual suppliers’ products in a market at a particular time.
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| show | The price at which the amount supplied is equal to the amount demanded. Equilibrium
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| show | The study of individual consumers and businesses.
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| show | An economic system that blends voluntary exchange, government command, and traditional elements of economic choice-making.
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| show | Anything that is generally accepted as payment for goods and services.
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| show | A good for which the consumer’s demand increases as income increases.
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| show | The highest valued alternative given up as a result of making a choice.
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| Price ceiling | show 🗑
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| Price effect | show 🗑
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| Price elasticity of demand | show 🗑
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| show | A price set above equilibrium by the government
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| Price stability | show 🗑
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| show | An arrangement that uses monetary prices as messages to facilitate exchanges between buyers and sellers.
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| show | Resources and products owned by individuals or businesses.
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| show | A process that combines economic resources so the result is a good or service that is available for sale.
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| show | A positive difference between total sales and total costs.
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| Public property | show 🗑
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| Rationing | show 🗑
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| Scarcity | show 🗑
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| Shortage | show 🗑
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| show | A process in which businesses and people focus on producing one or a few parts of an entire product.
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| Substitute | show 🗑
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| Supply | show 🗑
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| show | The difference between the amount supplied and the amount demanded when the asking price is greater than a market-clearing price.
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| Trade | show 🗑
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| show | An economic system in which people rely on traditions or customs to make what, how, and for whom choices.
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| show | The usefulness or satisfaction that consumers get from consuming goods and services.
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
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