When considering a peanut butter and jelly sandwich, economics would refer to jelly as which of the following?

Governments may subsidize farmers to guarantee them a certain price for product. What could be a problem with this?

A good or service that is considered essential to a person’s well-being is referred to as what?

The size of the change in the quantity demanded of a good or service due to change in its price is measured by the elasticity of demand.  When the percentage of change in the quality demanded is greater than the percentage of the price change, the good is ______.

Name two factors of production.

Name two factors of production.

A lack of which of the following things can prevent suppliers from providing goods at a price they are willing to charge?

A good or service that is considered essential to a person’s well-being is referred to as what?

The word “market” can have a variety of meanings.  A _______ market is one in which the resources   and semi-finished goods are exchanged.

When the price of a product falls, it normally ____