Abeka Economics Final Exam 2024 with complete solution

Abeka Economics Final Exam 2024 with complete solution scarcity - answerBesides its utility, what else determines the value of a good by a consumer? property rights - answerWhat is basic component of capitalism besides limited government, freedom of enterprise, and competition? equilibrium - answerWhen supply of good increases, what tends to decrease? traditional - answerWhich economic system bases production of goods on customs and habits? command - answerWhich economic system is regulated by the public sector? free enterprise - answerWhich economic system is guided by the choices made by the private sector? Sherman Act - answerWhat was one of the first antitrust laws enacted in the United States? total cost - answerWhat is the sum cost of all the factors of production used in making goods? standardized parts - answerBesides division of labor and automatic conveyance, what composes the "American system" of mass production? transaction account - answerA checking account is what type of account? CD - answerWhat type of account guarantees a certain interest rate and has a specified maturity date? measure of value - answerWhat function of money allows people to compare the worth of one good with that of another good