1139

Question 1

What is a quantity of goods and services available for sale; what is a desire of potential buyers for those goods and services

Answer 1

Supply… Demand

Question 2

What demand is the demand without the ability to pay

Answer 2

Absolute demand

Question 3

What demand is a demand of those willing and able to pay

Answer 3

Effectual demand

Question 4

Labor is what type of price of good or service

Answer 4

Work

Question 5

What price of a good or service is money

Answer 5

Nominal

Question 6

What is the price at which a good or service is sold

Answer 6

Market price

Question 7

What is the price to produce a good or service

Answer 7

Natural price

Question 8

What is a lack of all restraints on trade

Answer 8

Laissez-faire

Question 9

What is the term used for a stable economy

Answer 9

Equilibrium

Question 10

What is the wearing down of buildings tools and machines

Answer 10

Capital depreciation

Question 11

What was a regulated economic system with a highly controlled Market

Answer 11

Mercantilism

Question 12

What is a single business that is the only source for a good or service

Answer 12

Monopoly

Question 13

Government regulations are examples of what system of Economics at work in capitalist Nations

Answer 13

The command system

Question 14

What is the excess of total revenue over total cost

Answer 14

Profit

Question 15

While our wants are unlimited what of ours is limited

Answer 15

Resources

Question 16

What are the four distinctives of capitalism

Answer 16

Competition
Individual initiative
Freedom of choice
Private ownership of property

Question 17

What helps keep prices down and improves quality

Answer 17

Competition

Question 18

What are prices usually when demand is greater than Supply

Answer 18

Higher

Question 19

To a socialist, what is the result of exploiting a proletariat

Answer 19

Profit

Question 20

From whose writings did both communism and socialism develop

Answer 20

Karl Marx

Question 21

According to Karl Marx what lead to economic collapse

Answer 21

Over-expanded credit

Question 22

The solution of governments to the Great Depression was to what the currency which meant that what wages drop while what wages remain the same

Answer 22

Inflate… Real… Money

Question 23

A what of money exist among consumers government business and financial institutions

Answer 23

Circular flow

Question 24

The what is a measurement of inflation and the cost of its what is a gauge of most cost of living

Answer 24

Consumer Price Index… Market basket

Question 25

Measure of the change in average prices of common goods and services

Answer 25

Consumer Price Index

Question 26

Market value of all final goods and services produced within a nation during one year

Answer 26

Gross domestic product

Question 27

Continuous increase in average prices of goods and services

Answer 27

Inflation

Question 28

Payment for an expected to decrease in the purchasing power of money

Answer 28

Inflation premium

Question 29

And come to those who loan money

Answer 29

Interest

Question 30

The study of the economy as a whole

Answer 30

Macroeconomics

Question 31

Study of individual units of an economy

Answer 31

Microeconomics

Question 32

Value of income in monetary terms

Answer 32

Money wage

Question 33

Payment to induce a lender to part with present purchasing power

Answer 33

Originary interest

Question 34

Payment without regard to variations and interest rates

Answer 34

Pure interest

Question 35

Payment for the risk factor inherent in any loan

Answer 35

Pure profit

Question 36

Value of income in terms of purchasing power

Answer 36

Real wage