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 ____

The slope of a demand curve represents how much demand will respond to a change in price. This is elasticity. The flatter the slope, the _______the response will be.

Cigarette manufacturers have maintained extremely high profit margins despite health warnings because consumers _________.

Capital consists of which of the following?

A good or service which increases a person’s satisfaction but is not needed is ______?

Which of the following describes a “force” through which the government may correct a failing market?

The slope of a demand curve represents how much demand will respond to a change in price. This is elasticity. The flatter the slope, the _______the response will be.

The slope of a demand curve represents how much demand will respond to a change in price. This is elasticity. The flatter the slope, the _______ the response will be.