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Economics Exam Study Guide, Chapters 1-7

States that when the price of a good falls, consumers tend to buy more of that good. p.55
When the demand for a good increases, the good's equilibrium price tends to _____________.
Invisible hand. p. 43.
E.I. duPont, p. 39.
Study of the choices that individuals and societies make in the production, distribution, and consumption of goods.p. 9.
Besides limited government and freedom of enterprise andcompetition, to what does the free market economy owe its proficiency. p. 42.
Type of economic system is controlled by a centralized authority. p. 76
Type of economic system based upon custom, heredity, and caste.
A retail clothing industry in a large city is an example of what?
The value of a good varies according to its utility and this.p. 12.
Type of good that is directly related to a consumers income
Total value of a business minus any liabilities.p. 81.
This refers to a benefit that a person could have received, but gave up, to take another option
The governmental agency that inves tigates trade practices.
Group of firms that produce similar products or provide similar servicesp. 90.
Diamond-Water Paradox
Total amount invested in a production of a good
Comparative advantage
Total amount of satisfaction received from a particular amount of some good. p. 53.
Total amount of a good produced. p. 104
The American automobile industry ia an example of this.
Tax on imported goods. p. 119
One way to improve efficiency is to keep output constant and _______ input.
First Act implementated in 1890 to regulate monopolistic trusts
Excess of the total revenue paid by buyers for goods over the seller's total expense of producing those goods
Antitrust act that was passed in 1914 that addrressed practices not addressed in earlier laws