Ch. 3-5 Economics Test

the desire for an item and the ability to pay for it.

(a)  

• demand schedule

• demand
• law of demand

• market demand schedule

• price change leads to larger change in quantity supplied​ (a)  

• unit elastic

• elasticity of demand

• inelastic

• elastic

• price change leads to smaller change in quantity supplied

payments, tax breaks, or other forms of economic support given by governments to certain industries or economic sectors

• subsidy

• inelastic

• elastic

• unit of elastic

• producers willing to sell more of product at higher than at lower price

• inelastic

• law of supply

• law of demand

• unit elastic

• 4

• when price of good or service goes up, quantity demand goes down

• when price of good or service goes down, quantity demand goes up

(a)  

• law of supply

• demand

• Law of demand
• elastic

the freedom of individuals and businesses to regulation​ (a)  

• free enterprise system
• private goods
• elastic
• inelastic

commodities or services that benefit all members of society, and which are often provided for free through public taxation.

• private goods

• public goods

• law of supply

• free enterprise system

those whose ownership is restricted to the group or individual that purchased the good for their own consumption.

• elastic

• private goods

• public goods

• law of demand

demanded more when consumers’ incomes rise

• private goods

• public goods

• inelastic

• normal goods