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Exam Review


Condition of not being able to have all the goods and services one wants, because wants exceed what can be made from all available resources at any given time. Scarcity.
Land: Natural ResourcesLabor: Child-care workerCapital: Robots that help make lives easier Factors of Production.
Value of the next best alternative given up for the alternative that was chosen. Opportunity cost.
Sacrificing one good or service to purchase or produce another. Trade-off.
Ch.2:By pursuing his own interest he frequently promotes that of the society more effectfully than when he really intends to promote it. Adam smith's invisible hand theory.
Desire to make money that motivates people to produce and sell goods and services. Profit incentive.
What are the three basic economic questions? What should be produced? How should it be produced? and For whom should it be produced?
Way in which a nation uses its resources to satisfy its people's needs and wants. Economic System.
Traditional, Command, and Market. The types of economic systems.
Your parents would perform the same tasks that their parents performs. Traditional economy.
Cuba & China because their government controls everything. Command economy.
Capitalism; where government has little control; America. Market a.k.a free enterprise economy.
Ch.3: Money income a person has left to spend on extras after necessities have been bought. Discretionary income.
Promise made by a manufacturer or a seller to repair or replace a product within a certain time period if its found to be faulty. Warranty.
Ch.4: Device used to make cashless purchases. Debit card.
Credit device that allows a person to make purchases at many kinds of stores, restaurants, and other businesses without paying cash. Credit card.
Advantages of home ownership are.... Freedom of use, Pride of ownership, and greater privacy.
Disadvantages of home ownership are.... Less mobility, real estate taxes, and time consuming to move to new place.
Advantages of renting are.... Greater mobility, feeling of freedom to choose another place to live if dissatisfied with current rental unit, paying only a small security deposit rather than a large down payment, and no direct maintenance costs, real estate taxes, or depreciation.
Disadvantages of renting are.... No freedom of use, No return on rental money, few or no tax benefits, less privacy, little feeling of responsibility for seeing that the property is taken care of, No property for use as collateral need to wait for maintenance work at the convenience of t
Ch.6: Set aside income for a period of time so that it can be used for later. Savings.
IRA: private retirement plan that allows individuals or married couples to save a certain amount of untaxed earnings per year with the interest being tax-deferred. Individual Retirement Account.
What do the Dow-Jones Industrial Average and the Standard & Poor's (S&P) 500 measure? Market with more than 10,000 stocks, those 30 companies have 3 combined market value of over $2.5 million.
What purpose do the Individual Retirement Accounts (IRA) serve? A single person earning less than $30,000 can contribute up to $3,000 a year and deduct those contributions from taxable income.
What is a benifit over a stock? People can invest in a bond if they have the money for it and promises to pay a state rate of interest over a state period of time, and then to repay the borrowed amount in full at the end of that time.
An investment company that pools the money of many individuals to buy stocks, bonds, or other investments and advantage is they hold a variety of stocks and bonds. Mutual funds.
Ch.7: Economic rule stating that the quantity demanded and price move in opposite directions. As price goes up, quantity demanded goes up. The Law of Demand.
What causes a change in demand? Changes in Population, changes in income, changes in tastes and Preferences, Substitutes, and Complentary Goods.
Situation in which a product's price change has little impact on the quantity demanded by consumers. Inelastic demand.
As price rises for a good, the quantity supplied generally rises. As the price falls, the quantity supplied also falls. Law of Supply.
What causes a change in supply? The quantity supplied and price change.
The price at which the amount producers are willing to supply is equal to the amount consumers are willing to buy. Equilibrium price.
If the demand for workers if the prices(minimum wage) increases then.... it increases.
Ch.8: A chart that organizes a corporate chain of demand. organizational chart.
Created by: Hayley01
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