Exam 1: Consumers in a Changing World

Who is the founder of modern economics?

The study of human populations including characteristics such as size, growth, density, distribution, movement, and other vital statistics is called

Scarcity is the same as poverty.

Non-traditional households include all of the following EXCEPT

In a command economy, most decisions about what, how and for whom to produce are made by those who control the government.

A tangible object, something you can see and feel, like soap is considered a

When supply and demand is equal, the_____________ is reached.

The belief that goods give meaning to individuals and their roles in society is called

Inflation is a steady decrease in price.

The law of supply states that as the supply of a good or service goes up, the price comes down.

Consumer sovereignty means consumers, rather than producers, decide which goods will survive.

In what type of economy are exchanges controlled by marketplace forces of supply and demand, rather than outside forces such as government control?

Consumption guarantees happiness.

Monopoly means

Generation X is made of those people born between 1965 and 1976.

The people born between 1977 and 1994 are known as the baby boomlets or echo -boomer generation.

Alan Greenspan came up with the ʺinvisible handʺ theory.

The term caveat emptor translates to

Approximately 50% of all U.S. families are considered ʺtraditional householdsʺ by the U.S. Census Bureau.

An economic system in which nearly all capital is collectively owned is called