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

The value of a good varies according to its utility and this. use root word--p. 12
First Act implementated in 1890 to regulate monopolistic trusts. p. 101.
2 words--States that when the price of a good falls, consumers tend to buy more of that good. p. 55.
The American automobile industry ia an example of this. p. 99.
2 words--This refers to a benefit that a person could have received, but gave up, to take another option. p.79
Total value of a business minus any liabilities. p. 81.
A tying __________forces the consumer to buy certain products before he is able to buy what he really wants. p.101.
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
Borrowed ideas from other men, combining them to form the "American system" of mass production. p. 111.
Economy favored by Physiocrats. p. 19.
Type of good that is directly related to a consumers income. p. 57
Amount of satisfaction resulting from a one-unit increase of a product
Total amount invested in a production of a good. p. 104.
A truck used by a florist to deliver flowers is what type of good. p. 11.
Type of economic system based upon custom, heredity, and caste.p. 29
Name of book published in 1768 by Pierre Samuel du Pont. p. 19
Excess of the total revenue paid by buyers for goods over the seller's total expense of producing those goods. p. 79.
3 words--E.I. duPont's title. p.40
One of the four factors of production. p. 28
The value of the best alternative that is foregone when a different alternative is taken is opportunity ____. p. 79.
When the demand for a good increases, the good's equilibrium price tends to do the opposite, or it _____________. p. 63
Total ________ is the amount of satisfaction received from a particular amount of some good. p. 53.
2 words--Type of good that does not last more than three years. p. 74.
2 words--solved the economic riddle known as the Diamond-Water Paradox. p. 14
Initials--The governmental agency that investigates trade practices.p. 101
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
One of the four factors of production. p. 28.
Total amount of a good produced. p. 104.
2 words--came up with the theory of the "Invisible hand" p. 23.
One of the four factors of production, p. 28
3 words--Adam Smith's famous book, p.21.
Tax on imported goods, p. 18.