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Economics 1 review 2021

name
date
period
Across
Government (tax money) help to small businesses in order to help them compete
This type of business association is illegal in the United States because they fix prices
An increase in demand shift the curve to the
Where buying and selling takes place
One of a kind
According to a PPF, any point on the curve will be an ---- use of materials
This allows for the consumer to expect low prices and high quality
The supply curve does this as it moves to the right
Consumer goods that are bought together
Market structure with complete control of the a good or service
Economic system in which all decisions are centrally planned
The most important shopping day of the year for small businesses to show a profit
A tax on imported goods in order to protect domestic goods
Another name for Communism
The demand curve does this as it moves to the right
Any raw material as a factor of production
When quantity demanded is higher than quantity supplied
Down
One of the human factors of production
Free Market system
Consumer goods that can replace one another
The willingness and ablity to bring a product to market
Incoming money
The person with the talent to organize the factors of production and willing to take the risks
A raw material or agricultural product that can be bought and sold
The study of how societies use their resources to meet their needs
When quantity supplied is higher than quantity demanded
The primary market force
After all costs have been take care of , the positive left over
The gap between limited resources and unlimited wants
Consumer goods that last more than 3 years
The willingness and ablity to purchase a good or service
A drop in demand shifts the curve to the
The Law of Demand states that as the price of a good rises, the quantity demanded
The Law of Supply states that as the price of a good rises the quantity supplied