Econ Test 6 Review

2. What is a system for the production, distribution, and consumption of goods?
7. Demand-_____ inflation is caused when the demand becomes greater than the supply.
9. What is the result of too much money in circulation?
13. The name of the French group whose members were some of the earliest influential advocated of laissez-faire economics.
14. ______ trade agreements respect national sovereignty and allow countries to consider their national and moral interests.
16. _____ deals with the study of specific components within a major economy.
17. A ____ contract forces a consumer to buy certain products before he can buy the ones he really wants.
19. _______ usually results when a government fixes a good's price above the equilibrium price.
20. Besides time and rate of return, amount ______ determines how much an investment grows.

1. What is the currency of the European Union?
3. What type of good is an oven, used to bake bread in a bakery?
4. The ability of an entity to produce a good at an opportunity cost lower than that of another producer is called ______ advantage
5. The four factors of production are natural resources, labor, capital, and ______.
6. The global organization created to maintain international peace is called the _____ (abbreviation).
8. ______ tender is anything that is generally accepted as a means of payment.
10. The relationship between a good's price and the amount that people are willing to buy.
11. Adam ______ is the founder of modern economics and the author of "The Wealth of Nations."
12. The Federal ______ is a system that controls the money supply of the United States.
15. The total amount invested in the production of a good.
18. If the price of a certain type of cereal doubled an d consumers cut in half the amount of cereal they bought, the demand for that good would be _____.