9. What is the organizing mechanism of the economy that brings buyers and sellers together? 10. What are the Economic Resources and the name of the income received? Resource a b C. d Income Received a. b C. d. 11. Draw a Production Possibility Curve and 1 point indicating an unemployment situation. Label the unemployment point.12. Define M Howenti deum amerays almonds 13. What 3 things do we know about the graph below? a. b. C. 14. What is the slope of the line in the following graph?9. Define Specialization. 20. In Economics, what does the term "invisible hand" mean? 21. Define Business. 22. What are the 2 markets in the Circular Flow Model and who buys and sells in each market? Market Buyer Seller 23. Fill in the missing (highlighted) information. Units Sold Sales Price Total Revenue Revenue Data 100,000 19 Cost Data Units Used Cost per Unit Labor 2,500 $15.00 $37,500.00 Land 2 Capital $200,000.00 $1,000,000.00 Entrepreneurial ability 1 $250,000.00 $250,000.00 Total Cost $1,487,500.00 Total Profit 24. A schedule or curve showing the amounts that consumers will buy at various prices during a specific period of time defines what?59. Define Private Good. 40. Why does the government supply Public Goods? 41. What government controls are used to correct the externality shown below? Q 10 20 30 40 50 60 70 8025. Define Market Equilibrium. 26. What is changing in the graph below (be specific)? What causes each of those changes? Change 1 Change 2 D2 orle bow labaly wolf in Change 1: Cause of Change 1: Change 2: Cause of Change 2: 27. Define Market Equilibrium. 28. Define Rationing Function of Prices. 29. What will a Price Ceiling below market equilibrium price cause in the market?ECO-203 Microeconomics Test 1 - Study Guide - Chapters 1 - 4 1. Define Economics 2. Define Economic Perspective. 3. Define Purposeful Behavior. 4. In Economics "there is no such thing as a free lunch" because of what kind of costs? 5. Define Microeconomics. 6. Define Normative Economics. 7. Define Marginal Costs. 8. On the graph below, draw a Budget Constraint line and indicate the attainable and unattainable areas.35. What does area "A" represent? What does area "B" represent? $5. $4. A $3 Equilibrium $2 $1- 10 20 30 40 50 60 70 80 Area "A": Area "B": 36. Why are the Supply Curve and the Marginal Cost Curve the same curve? 37. Define Efficiency Loss. 38. Graphically show efficiency losses from underproduction. P $5+ $4+ $3+ $24 $1 Q 10 20 30 40 50 60 70 80. How do we determine total market supply from each individual supplier? 31. Define Demand Side Market Failure. 32. Define Supply Side Market Failure. BOTA 33. Define Productive Efficiency. 34. What type of simultaneous change is occurring in the graph below, and which change has the greatest impact on the new equilibrium price and quantity? Eq P Eq Q New Eq Q Simultaneous change: Most impactful Change:5 15. What are the 5 Fundamental Questions all economic systems must answer? a. b. C. d. e. 16. What is the major difference between a Command Economic System and a Market System? 17. What is the regulatory force of the market system? 18. What are the key components of the market system