Abeka Economics Chapters 1-7 practice questions and answers 2024

capital what type of a good is a truck used by a florist to deliver flowers physiocrats which group favored a natural economy 6 Ways to Show Appreciation for Your Child's Teacher 0:19 / 0:54 55k If Gordon accounting business had expenses = 90k and revenues totaling 115k last year but he could have had a salary of 80k working for someone else, what was his opportunity cost income effect what states that when the price of a good falls consumers tend to buy more of that good non-durable good what type of good doesn't last more than 3 years normal good what type of good is directly related to a consumer's income command what type of economic system is controlled by a centralized authority traditional what type of economic system is based upon custom heredity and cast property rights besides limited government and freedom of enterprise and competition to what does the free market economy owe its proficiency industry what is a group of firms that produce similar products or provide similar services monopolistic competition what is the retail clothing industry in a large city an example of oligopoly what is the american automobile industry an example of Adam Smith invisible hand Carl Menger diamond water paradox E.I. DuPont gunpowder entrepreneur David Ricardo comparative advantage Henry Ford mass production Pierre Samuel DuPont physiocracy economics what is the study of the choices that individuals and societies make in production distribution and consumption of goods labor entrepreneurship natural resources capital what are the four factors of production the wealth of nations what is the name of Adam Smith's most famous book demand schedule what is a list of numbers that compares price with quantity demand firm a if firm a can produce 50 shoes or 40 coats with the same amount of resources form which firm b can produce 45 coats or 65 shoes, which furc has the comparative advantage in coats FTC what governmental agency investigates trade practices Sherman act what was the first act implemented in 1890 to regulate monopolistic trusts clayton act what antitrust act was passed in 1914 that addressed practices not addressed in earlier law division of labor standardized parts automatic coveyance what 3 things is mass production based on geographic specialization what is the production of goods in which a country or region has absolute or comparative advantage competition what makes possible a better standard living for everyone in prosperous society market signals what do consumers send to producers to let them know what foods are whited at what prices mirco-economics what term deals with the study of specific components within a major economy black market what is an illegal system developed to avoid governmental regulations free trade what is the exchange of goods in the absence of governmental restrictions or penalties tariff tax on imported goods marginal utility amount of satisfaction resulting from a one unit increase of a product input total amount invested in the production