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Econ Exam Review


the study of how individuals and societies make choices about ways to use scarce resources to fulfill their wants economics
items of value that can be seen and touched goods
the value of the next best alternative given up for the choice that was chosen opportunity costs
exchanging one thing for another trade off
ability of risk taking individuala to deliver new products entrepreneurship
items of value that cannot be seen or touched services
condition of not being able to have all the goods or services one wants scarcity
another name for natural resources present without human intervention land
which one of these is not one of the basic economic questions when
list four of the five factors of production land- labor- capital- technology- entrepreneurship
his writing established the basic economic thought in the united states adam smith
economic system in which basic economic activity stems from ritual, habit, or custom traditional economy
economic system in which basic economic decisions are made by a central authority command economy
economic system in which basic economic decisions are made by people and firms acting in their own best interests market economy
which of the following is not a major economic and social goal of the united states economic interdependence
economic goals are important because they help people determine if an economic system meets their needs
why is economic growth an important goal of the united states economic growth is needed to better satisfy the wants and needs of a growing population
economic system in which private citizens own the factors of production capitalism
the struggle among sellers to attract consumers while lowering costs competition
all of the following are characteristics of capitalism except government control
why are entrepreneurs important in a free enterprise economy entrepreneurs start new businesses
a business owned and run by one person sole proprietorship
business organization recognized by law as a separate legal entity having all the rights of an individual corporation
what is the most common form of business organization in the united states sole proprietorship
basic ownership of a corporation, including voting rights, takes the form of common stock
business combination of firms involved in different steps of manufacturing or marketing vertical merger
horizontal mergers involve two or more firms that produce the same kind of product
what is the law of demand
what is the law of supply
what is created when the price is set higher than the point where supply and demand meet surplus
what is created when the price is set lower than the point where supply and demand meet shortage
what is the name of the point where supply and demand meet equilibrium
when the government sets a cap on what price business can change citizens price ceiling
when there is a change in what people will buy because a change in price is called price effect
equilibrium is important because it balances the amounts demanded and supplied
if there is a surplus in a market, the price is likely to decrease
change in price that creates a shift in demand along the demand curve price effect
products that tend to be used together complements
actual price and quantity sold is determined in market invisible hand
deals with behavior and decision making of small units microeconomics
money that a government has declared to be legal tender fiat money
money that has an alternative use as an economic good commodity money
how many federal reserve banks are there 12
which reserve bank is closest to west orange atlanta
money loses its value when it becomes too plentiful
in the organization of the federal reseve, this group meets to discuss interest rates and well being of the economy open market committee
name the two men who developed our monetary system hamelton and franklin
what percent are most banks required to keep reseve with the federal reserve 10 percent
relatively high tax on socially undesirable products, such as tobacco sin tax
tax on tangible and intangible possessions, such as real estate, buildings, furniture, stocks, bonds, and bank accounts property tax
tax on people's earnings individual income tax
medicare and fica payroll taxes
taxes that imposes a higher percentage rate of taxation on people with higher incomes than on people with lower income progressive tax
profits from the sale of an asset held for 12 months capital gains
tax on the manufacture and sale of selected items excise tax
the authority to levy a federal income tax comes from the sixteenth amendment
intergovernmental revenues are generally intended for education and public welfare
Created by: lizhopper2