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How many EWoTs are there: 7. The crux of all economics is _______________ forces tradeoffs: scarcity. According to an economist, we do stuff IF: benefits are greater than costs. Deciding to eat that 4th piece of pizza or not is what EWoT: thinking at the margin. things that "nudge" people towards certain behaviors is known as ___________. Examples include speed limits, school suspensions, and pay for work: incentives. ______________ makes people better off. That's why our presidents are wrong concerning China and Mexico tariffs: trade. Which of the following is NOT a market: all of these are markets. The acronym for the crux of ch 1, "How to think like an economist" is..: EWoT. T or F: Economic is Everywhere: True

At what point do supply and demand intersect on a curve: market equilibrium. What occurs when the price of a product is higher than the market equilibrium: surplus. Why does a surplus happen: prices are too high and there's too much supply. What is the simplest solution to a surplus: the producer lowers the price until the supply balances out to equilibrium. What causes a shortage: A product's price is lower than equilibrium with not enough supply. What are the 3 solutions for a shortage: allowing the price to rise to equilibrium. What is a price ceiling: It's a price below equilibrium . What is a price floor: a price above equilibrium. A price floor leads to a:: surplus

The ______ states that as the price of a good rises, the quantity consumers are willing to purchase decreases: Law of Demand. The ______ states that as the price of a good rises, the quantity producers are willing to produce increases: Law of Supply. True or False: A change in the price of a product causes a shift in the demand curve: False. Do the circled points represent a price floor or a price ceiling: Price Floor. Do the circled points represent a surplus or shortage: Shortage. A market in which a few sellers offer similar products: Oligopoly. A business owned by one person: Sole Proprietorship. This market structure has the strongest price controls: Monopoly. This market structure has no barriers to entry: Pure Competition. This market structure often has product differentiation so they can charge different prices. : Monopolistic Competition. This type of business is the easiest to start but has unlimited liability and a limited lifespan: Sole Proprietorship. This type of business is the most complex to start but has limited liability and an unlimited lifespan: Corporation. A market in which one seller controls the market: Monopoly. A market in which many sellers offer differentiated products: Monopolistic Competition. A market in which many sellers offer identical products: Pure Competition. A business owned by two or more people: Partnership. A business owned by shareholders and run by the board of directors: Corporation

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