In which market structure are sellers mutually interdependent?

Which of the following is the tangible item?

Which of the following is the service?

Consumers compare what before making a choice?

Demand is the quantity buyers are ________________ and _______________ to buy at each possible price.

The demand curve is a(n) ________________ sloping line and shows quantity on the _______________ axis and price on the ________________ axis.

What is another word for market clearing price where quantity supplied and quantity demanded are the same?

What term defines an individual who draws upon his/her own skills and takes the initiative to create innovative goods/services or production processes?

What is the motivation for most entrepreneurs?

Which of the following is NOT an entrepreneur?

Governments provide goods/services that the market would not provide on its own such as roads and sidewalks.

What are these goods/services called?

Which of the following options would NOT contribute to government failure?

There are 4 categories in the Functional Distribution of Income.

Which category is the largest source of income to individuals in the United States?

What is your most valuable personal resource for your lifetime earning potential?

An individual’s income depends largely upon what?

Systematic overproduction or underproduction where producers and consumers do not have to bear the full costs of the transactions is called what?

There are at least 3 causes of market failures.

Which of the following options is NOT a cause of market failure?

Governments can intervene in the market for the good of the public.

Which of the following is a positive example of government intervention?

What is the “traffic light” of the market economy?

Prices have three functions.

Which of the following is NOT one of these functions?

What is the primary purpose of the Circular Flow Diagram?

When governments set a maximum price that can be charged for a good/service, it is called a _______________.

What generally happens when the government sets a price ceiling?

What generally happens when the government sets a price floor?

Minimum wage is an example of a ________________________.

Producers are people who use scares resources to make or do things for other people.

Which of the following is NOT a producer?

Since resources are scares, what must people consider when deciding what, how much, and for whom to produce?

Why do MOST people use their resources to produce goods/services?

What do people generally NOT consider when choosing a job?

Which of the following is NOT a government role in the economy?

What is one method governments can use to correct for market failures?

Public goods must meet two requirements.

What are they?