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Economics: Chapter 4 & 5 (Goes with Quiz 4,5,6)

P. 76: To obtain needed goods, people in command economies buy and sell through ______ ____________.
P. 81: Total value of a business minus lliaabilities
P. 50: Direct benefit received by the owner of a good
P. 53: Diminishing______ utility: This principle states that as one's supply of a specific good or service increases, the satisfaction tends to decrease
P. 63: If a restaurant produces 150 hamburgers a day, but consumers demand 100 hamburgers.
P. 57: The demand for ___ goods is directly related to consumers' incomes
P. 59: List of numbers that compares price with quality of goods supplied at different prices.
P. 61: This happens to the quantity supplied of a good when the price of that good decreases.
P. 63: This results when the quantity demanded exceeds the quantity supplied at a given price.
P. 56: A list of numbers that compare quantity demanded with price.
P. 57: If the price of gasoline rose, consumers would ________ the amount they brought.
P. 79: Diminishing value of goods that is caused by wear and time
P. 81: Cost of people running their own establishments or hiring managers to run the businesses for them
P. 56: If a sports store were to launch an effective advertising campaign, the ____ for their goods would increase.
P. 53: Refers to the total amount of satisfaction received from processing a particular amount of a good
P. 63: The place at which quantity demanded and quantity supplied are equal.
P. 60: A graphic representation of the quantity of goods supplied at different prices.
P. 60: Relationship between a good's price and the amount that producers are willing to provide for consumers.
P. 77: In a ___ ____ economy, the consumers determine what goods are to be produced and in what quantity.
P. 61: Term that refers to monetary government aid given to businesses to encourage production.
P. 55: This effect says that when the price of goods rises, it affects consumers the same as if their earnings were reduced.
P. 74: A computer is an example of this.
P. 59: As the price of a good falls, the quantity demanded __________.
P. 55: The relationship between a good's price and the amount that people are willing to buy.
P. 79: The value (cost) of the best alternative foregone when a different alternative is taken.
P. 77: The _____ sector is controlled by national. state and local governments.
P. 56: A demand curve slopes ______ and to the right.
P. 79: Excess of the total revenue paid by buyers for goods over the seller's total expense of producing these goods