The law of supply states that as prices go us, supply goes
Inflation rate of over 500%
Unemployment caused by swings in the business cycle
Type of labor which requires some mechanical equipment with minimal training is ____ skilled
A basic requirement for survival
There is no such thing as a ___ lunch
Adam Smith believed the economy was controlled by an invisible ____
Partnerships have ___limited liability
Index is a combination of unemployment rate and inflation
Combination of firms involved in different steps of manufacturing
Real or imagined differences in a products is product______
The loss of the next best alternative use of money, time or resources when a choice is made is an opportunity ____
A combination of businesses which unfairly limit competition
Supply which does not react to a change in prices is called ___elastic
Government controlled economy
Oligopoly is when a ___ producers dominate a market
Crowding ____ occurs when the government borrows money, leaving less for private institutions to borrow
Unemployment caused by annual changes in the weather
Price being much higher than value
Allocation of goods and services without use of prices
Created when the federal government spends in excess of revenues
Inflation rate between 3-5%
Paper money in the United States is made by the Federal Reserve, also known as The _____
Opportunity gained when making a decision