Economics chapter 16 study guide

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Economics: Chapter 16 Study Guide
Define/Identify
Economics, Resource, Scarcity, Trade-off, Opportunity Cost, Producers, Supply, Surplus, Total Cost,
Marginal Cost, Revenue, Benefit-Cost Analysis, Consumers, Demand, Equilibrium, Shortage, Marginal
analysis.
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List and describe the 3 different economic systems. (Traditional, Market, Command)
What economy best describes the U.S.
Give 2 examples of fixed costs?
Give 2 examples of variable costs?
Why is competition in the market place a good thing for consumers?
________ price is where demand and supply are balanced.
What factors affect demand on products?
What factors affect supply?
What are the 3 basic questions that all economic systems answer?
What might a store do if it has a surplus of an item?
What might a store do if they have a shortage of an item?
What forces societies to make economic choices?
Explain Supply and Demand?
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