Court Procedures Economics Basic Economics Economic Systems Supply and Demand

-Court hearing when a defendant issues their plea of guilty or not-guilty. Row Question

Arraignment Row Answer

-Process where a defendant agrees to plead guilty in order to receive a lighter punishment. Row Question

-Plea Bargaining Row Answer

-Legal term for the people who represent the government in a criminal case. Row Question

-Prosecution Row Answer

-Term that refers to the questioning of a witness by the attorney on the opposing side with the intent of discrediting that witnesses testimony. Row Question

-Cross-Examination Row Answer

-People who are not yet of age to be considered an adult. Row Question

-Juveniles Row Answer

-Idea that there is not enough of a product for everyone to have and this fact causes goods to have a price that determines who is willing to pay for that product. Row Question

-Scarcity Row Answer

-Value assigned to a product according to the forces of supply and demand for that product. Row Question

-Price Row Answer

Row Question -Economic idea that suppliers will supply more of a product as the price for that product increases.

-Law of Supply Row Answer

Row Question -Economic idea that buyers will demand more of a product as price decreases.

-Law of Demand Row Answer

-Point where the supply curve and the demand curve intersect, creating the value of a product. Row Question

-Equilibrium Row Answer

-Situation when demand is greater than the supply of a product---price will usually increase. Row Question

-Shortage Row Answer

-Situation when supply is greater than demand---price will usually decrease. Row Question

-Surplus Row Answer

-Idea that a person’s demand for a product will reach a maximum no matter the price. Row Question

-Diminishing Utility Row Answer

-Idea that a supplier will reach a point when increased production will not increase profits. Row Question

-Diminishing Returns Row Answer

-Economic term for the amount of work produced in a given amount of time.—Increased productivity causes prices to decrease and fights inflation. Row Question

-Productivity Row Answer

-Term describing the situation when one nation produces a product better or cheaper than other nations. Row Question

-Comparative Advantage Row Answer

-Idea of dividing labor into individual tasks in order to increase productivity. Row Question

-Division of Labor Row Answer

-Economic idea that a larger business can operate at a more efficient rate because of its bulk. Same concept applies when buying items in large quantities. Row Question

-Economy of Scale Row Answer

-Economic idea that a person loses the chance to do something when you make a choice. Row Question

-Opportunity Cost Row Answer

-Economic idea that you deliberately make a decision and do so knowing the other options would be lost. Row Question

-Trade Off Row Answer

-Land, Labor, Resources, Management Row Question

-Factors of Production Row Answer

-Money used to start or run a business. Row Question

-Capital Row Answer

-Machines or tools that are used to produce other goods. Row Question

-Capital Goods Row Answer

-Primitive economy where almost everything is made by hand. Row Question

-Traditional Economy Row Answer

-Economic situation where the government is in control of the factors of production. Row Question

-Command Economy Row Answer