| Question | Answer |
| most revenue generated for the federal government comes from this tax | |
| This field of economics looks at the choices made by individuals, households and corporations | |
| In this economic system private enterprise is encouraged and the people make the choices | |
| This is the second best choice or alternative | |
| In economics, if something is desired or wanted it has | |
| This occurs when a country makes more of two products than another coutnry. ______________ Advantag | |
| This says the higher the price the lower the demand and vise-versa | |
| If a demand or supply curve is increasing it is shifting this way | |
| Scarcity can be best defined as limited resources and ______________ wants | |
| a group of firms that produce the same, or similar products | |
| When discussing the public sector, you must have this economic actor | |
| Goods whose demand varies inversely with money income are referred to as _______________ goods | |
| This refers to the more you consume of a product the less utility you receive from the product | |
| The creation of new products completely destroys the market position of older products | |
| This method is used to determine economic theories and principles | |
| When the dollar price of yen increases we say that there is a ________________ of the dollar | |
| The trade bloc in Europe is known as the | |
| The pleasure, happiness, or satisfaction of consuming a good | |
| This says the higher the price the more product will be supplied so that the producer may make more of a profit | |
| If demand exceeds supply you will experience a...... | |
| This field of economics looks at the choices made by entire countries | |
| Production or consumption costs inflicted on a third party without compensation are called | |
| A good that is used together with another good | |