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Economics 1 review 2021

name
date
period
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Across
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Government (tax money) help to small businesses in order to help them compete
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This type of business association is illegal in the United States because they fix prices
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An increase in demand shift the curve to the
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Where buying and selling takes place
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One of a kind
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According to a PPF, any point on the curve will be an ---- use of materials
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This allows for the consumer to expect low prices and high quality
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The supply curve does this as it moves to the right
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Consumer goods that are bought together
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Market structure with complete control of the a good or service
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Economic system in which all decisions are centrally planned
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The most important shopping day of the year for small businesses to show a profit
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A tax on imported goods in order to protect domestic goods
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Another name for Communism
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The demand curve does this as it moves to the right
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Any raw material as a factor of production
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When quantity demanded is higher than quantity supplied
Down
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One of the human factors of production
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Free Market system
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Consumer goods that can replace one another
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The willingness and ablity to bring a product to market
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Incoming money
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The person with the talent to organize the factors of production and willing to take the risks
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A raw material or agricultural product that can be bought and sold
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The study of how societies use their resources to meet their needs
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When quantity supplied is higher than quantity demanded
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The primary market force
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After all costs have been take care of , the positive left over
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The gap between limited resources and unlimited wants
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Consumer goods that last more than 3 years
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The willingness and ablity to purchase a good or service
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A drop in demand shifts the curve to the
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The Law of Demand states that as the price of a good rises, the quantity demanded
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The Law of Supply states that as the price of a good rises the quantity supplied