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Ch. 15- Economics
Ch. 15-Economics Test
| Question | Answer |
|---|---|
| What's the exchange of one item for another of the same value. | barter |
| What do you call a person that buys goods and services. | consumer |
| What's called a system of needs, expenses, and resources of a human society | economy |
| What is it called when there is no competition for the sale of a product or service. | monopoly |
| What's called the legal obligation to pay debts or damages? | liability |
| What are the 3 types of resources in the economy? | capital, labor, & natural |
| What are three types of economic systems. | Command Economy, Market Economy, & Mixed Economy |
| Name three types of business organizations. | Sole Proprietorships, Partnerships, Corporations, Non-Profit Organizations |
| What is intellectual property and give an example? | Property that is thought of or invented by a person-examples: song, story, or an invention. |
| Explain supply and demand and the rule of thumb. | Supply is up and demand is down, the price goes down, Supply is down and demand is up, price goes up. Rule of thumb is price follows demand. |
| What are the 4 points to a business graph. | expansion, peak, recession, & depression |
| What does laissez-faire mean? | French term that expressions to government intervention to "let businesses being or leave it alone." |
| What is inflation? | the increase of overall level of prices on goods and services. |
| What is deflation? | the decrease of overall level of prices on goods and services. |
| What does it mean to "balancing the budget." | It is when the government does not have to spend more money than it needs to receive taxes. |
| What does it mean by "budget deficit." | The government is spending more money than what is being collected through taxes. |
| What is our current national debt? | 5 trillion dollars |
| What is a labor union? | A labor union is an organization of workers formed to achieve shared goals. |
| What is collective bargaining? | a negotiating from labor unions with business management. |
| What are 3 examples of collective bargaining tactics? | Boycotts, Pickets, Strikes |
| What are boycotts? | Are worker tactics to stop buying products of a particular company and urge others to do the same. |
| What are pickets? | peaceful protest and demonstrations against a company or organization. |
| What is a strike? | Work stoppages, all employees from unions refuse to work. |
| What is supply? | the amount of a particular good or service that producers are providing at a given price |
| What is demand? | is the amount of good or services that people are willing to buy at various prices |
Created by:
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