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.