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Economics Final Review

Teacher: Mr. Carpenter
Increase in overall prices.
A period of declining economic activity for at least 6 months.
Condition that results from having limited resources and unlimited wants.
Someone can produce a good or service using fewer resources than someone else.
A tax that hits the rich the hardest.
Someone can produce something at a lower opportunity cost than someone else.
Tools, machines, and buildings used to produce goods.
A tax on imports
Becoming an expert in a particular activity.
The quantity that producers are willing and able to sell at various prices.
A tax that hits the poor the hardest.
Defined as land, labor and capital
The quantity of a good or service that consumers are both willing and able to buy at various prices.
The point at which quantity demanded equals quantity supplied.
Regulates the money supply.
Decisions about production are left to the individual
The value of the next best alternative.
The degree to which the quantity demanded or supplied changes in response to a change in price.
A minimum price set by the government to prevent prices from going to low.
The legal responsibility to repay debts.
Imposes a ban on trade usually for political reasons.