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Civics > 7 > Flashcards

7 Flashcards

1
Q

Samples of fixed costs

A

Rent

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2
Q

Samples of variable cost

A

Labor

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3
Q

What is the most important factor in determining prices and market economy

A

Interaction of supply and demand

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4
Q

What is the effect of competition on a market economy

A

Keep the products price at or near certain level

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5
Q

Give an example of a trade-off

A

Giving up one thing for another

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Civics (7 decks)

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