3. 100 200 400 300 400 Chapter 1- 3 Chapter 4- 6 Chapter 7-9 Chapter 10-11 300 200 400 200 100 500 100

4. Row 1, Col 1 RETURN Having unlimited wants, but Limited resources is called.. What is scarcity___?

5. 1,2 As price goes one way, quantity Demanded goes the other way. Law of Demand RETURN

6. 1,3 When there is equal opportunity For all businesses Perfect competition RETURN

7. 1,4 example Medium of exchange. Ues of money RETURN

8. 2,1 What are the 3 factors of Production? Land, Labor, Capital RETURN

9. 2,2 If the price is too low (below Equilibrium) we get... Shortage, black market, poor production quality, and rationing RETURN

10. 2,3 When one company takes over monopoly RETURN

11. 2,4 Example: durability One of 6 characteristics of money RETURN

12. 3,1 Opportunity cost is the cost of the Next …alternative that is forgone. BEST RETURN

13. 3,2 If the price is too high (above equilibrium) we get …. Surplus, shortage, disposal problems, poor production quality RETURN

14. 3,3 When there are a couple Companies that are in control. oligolopoly RETURN

15. 3,4 Example: commodity. Sources of money RETURN

16. 4,1 Competition Private property Equal opportunity Voluntary Exchange Profit motive. Principles of American Econony RETURN

17. 4,2 Consumer income Consumer expectations Population Consumer taste P&Q of substitute P&Q of compliment Causes of Demand Curve Shifts RETURN

18. 4,3 When a few companies take over And they are in the same Kind of business. Monopolistic competition RETURN

19. 4,4 Location Rent Size Facilities Conaltion Things to consider before renting an apartment RETURN

20. 5,1 Market Mixed Command traditional Types of economic systems RETURN

21. 5,2 Business Taxes Business regulations # of suppliers Cost of inputs Producer expectations Technology. Causes of supply curve shifts RETURN

22. 5,3 Ways to solve a labor dispute. Mediation, arbitration, strike, lockout RETURN

23. 5,4 One limitation of GDP. Volenteer work, etc. RETURN