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Review of Chapters 1-7, Economics--Exam Prep


One of the four factors of production. p. 28
One of the four factors of production, p. 28
Total ________ is the amount of satisfaction received from a particular amount of some good. p. 53.
The value of the best alternative that is foregone when a different alternative is taken is opportunity ____. p. 79.
Total value of a business minus any liabilities. p. 81.
2 words--States that when the price of a good falls, consumers tend to buy more of that good. p. 55.
Type of economic system is controlled by a centralized authority. p. 29.
Name of book published in 1768 by Pierre Samuel du Pont. p. 19
2 words--This refers to a benefit that a person could have received, but gave up, to take another option. p.79
2 words--Type of good that does not last more than three years. p. 74.
Advocate of the Principal of Comparative Advantage. p. 118
2 words--A retail clothing industry in a large city is an example of what? p. 94
Group of firms that produce similar products or provide similar services p. 90
Antitrust act that was passed in 1914 that addrressed practices not addressed in earlier laws. p. 101
3 words--E.I. duPont's title. p.40
A tying __________forces the consumer to buy certain products before he is able to buy what he really wants. p.101.
2 words--came up with the theory of the "Invisible hand" p. 23.
The value of a good varies according to its utility and this. use root word--p. 12
Type of economic system based upon custom, heredity, and caste.p. 29
Tax on imported goods, p. 18.
When the demand for a good increases, the good's equilibrium price tends to do the opposite, or it _____________. p. 63
Total amount of a good produced. p. 104.
Total amount invested in a production of a good. p. 104.
Type of good that is directly related to a consumers income. p. 57
Initials--The governmental agency that investigates trade practices.p. 101
A truck used by a florist to deliver flowers is what type of good. p. 11.
Besides limited government and freedom of enterprise and competition, the free market economy owes its proficiency------------------- rights. p.42
The American automobile industry ia an example of this. p. 99.
One of the four factors of production. p. 28.
3 words--Adam Smith's famous book, p.21.
Excess of the total revenue paid by buyers for goods over the seller's total expense of producing those goods. p. 79.
Study of the choices that individuals and societies make in the production, distribution, and consumption of goods. p. 2
2 words--solved the economic riddle known as the Diamond-Water Paradox. p. 14
Amount of satisfaction resulting from a one-unit increase of a product
A list of numbers that compares price with quantity demanded is a demand _____________. p. 56.
Economy favored by Physiocrats. p. 19.
First Act implementated in 1890 to regulate monopolistic trusts. p. 101.
Borrowed ideas from other men, combining them to form the "American system" of mass production. p. 111.