Economic Terms Supply Terms Demand Terms Legal Rights Independent Agencies

-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

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

-Law of Supply Row Answer

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

-Diminishing Returns Row Answer

Row Question -In this situation, changes in price do not greatly affect the supply of the product?

-Inelastic Supply Row Answer

Row Question -In this situation, changes in price will affect the supply of the product?

-Elastic Supply Row Answer

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

-Productivity Row Answer

-This is the idea that a person’s demand for a product will reach a maximum no matter the price? Row Question

-Diminishing Utility Row Answer

-This is the concept that changes in price can affect changes in demand? Row Question

-Elasticity Row Answer

-In this situation, a change in price does not really affect demand greatly? Row Question

-Inelastic Demand Row Answer

-This is the term that describes a consumer using an alternative product? Row Question

-substitute good Row Answer

-This term describes a situation where the demand for one product has the same effect on another product? Row Question

-complementary good Row Answer

-This independent agency that oversees the pension program for the elderly and the disabled. Row Question

-Social Security Row Answer

-This executive agency that works to collect information about foreign nations. Row Question

-CIA Row Answer

-This executive agency works to protect the environment? Row Question

-EPA Row Answer

-This commission controls the nation’s banking system? Row Question

-Federal Reserve Row Answer

-This commission controls the activities of the media? Row Question

-FCC Row Answer

-Which Amendment guarantees due process and equal protection? Row Question

-14th Row Answer

-Name the types of law that might try to punish someone for an act in past that is now considered illegal? Row Question

-ex post facto Row Answer

-This is the type of law that would punish a person without a trial----these types of laws are illegal according to the constitution? Row Question

-bills of attainder Row Answer

-This is the right of Americans to be released if they are not formally charged with a crime after being detained by police? Row Question

-habeas corpus Row Answer

-Which Amendment gives you the right to a speedy, public, jury trial, and the help of a lawyer? Row Question

-6th Row Answer