Economics Notes

Consumer sovereignty

________ is important in this ideology, as they have the freedom to choose products that suit their needs and desires.

President Biden

________ makes it a point to support goods and services that are American.

Capitalism

________ is largely characterized by the lack of government intervention, means of production by private firms and goods and services distributed according to the price mechanism.

Smith

________ was critical in this doctrine since he believed that wealth sprang from the production of goods and services, not from the accumulation of gold and silver.

entire economic ideology

The ________ may damage the environment as profit is prioritized.

Macroeconomics

What is the study of the impact of changes on the economy as a whole? Answer with a single words or term.

Half a dozen companies

________ raised their prices as much as 1, 000 % to make record profits through the exploitation of consumers and workers.

Natural resources

What are materials obtained from the land, sea, and air? Answer with a single words or term.

Marginal utility

________: j, the degree of satisfaction from each additional purchase of a product or service.

ideology

The government is not setting prices, and the private company is able to control a lot about their products such as scarcity and wages. This ________ provides incentives to be rich and encourages innovation since the individual and companies are prioritized.

Microeconomics

What is the study of the effects of economic forces on individual parts of the economy? Answer with a single words or term.

Mercantilists

________ believed that gold and silver were sources of wealth.

Economists

________ differentiate between goods and services.

Entrepreneurship

________: f, The production of capital goods.

command economy

People produce only enough goods to meet the needs of their family or slightly more for sale. A(n) ________ controls everything about the goods and services, and it is decided by a central authority.

major decisions

The ________ are made by individuals and businesses who voluntarily exchange goods and services at certain prices.

China

________ is investing more money into research and development than America, and Biden is stressing the importance of this bill, as it would level the playing field and promote American advancements and promote economic welfare.

Demand Curve

________: d, the extent to which supply changes following a change in price.