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Econ Exam Review III

Toni Johnson

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1.goods used in palce of each other
4.a cost that does not change no matter how much of a good is produced is produced
6.the concentration of the productive efforts of individuals and firms on a limited number of activities
9.the service and facilities necessary for an economy to function
13.a cost that rises or falls depending on how is produced
14.the most desirable alternative given up as the result of a decision
15.the price for the use of borrowed money, or money earned by deposited funds
17.the difference in value between the total exports and total imports of a nation
19.one that acquires goods or services for direct use or ownership rather than for resale or use in production and manufacturing
22.all human-made goods that are used to produce other goods and services
23.the financial gain made in a transaction
24.budget in which revenues are equal to spending
2.the amount of goods available
3.deciding whether to do or use one additional unite of some resource
4.the system that allows the transfer of money between savers and borrowers
5.limited quantities of resources to meet unlimited wants and needs
7.describes demand that is NOT very sensitive to a change in price
8.an alternative that we choose when we make a decision
10.the study of the economic behavior and decision making of small units, such as individuals, families, businesses
11.an intem that we desire but it not essential to survival
12.the largest porvider of development assistance
16.quantity demanded is greater than quantity supplied
18.a government payment that supports a business or market
20.a tax on the dollar value of a good or service being sold
21.income not used for consumption

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