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Econ Final Review

QuestionAnswer
1. The situation in which some necessities have little value while some non-necessities have a much higher value is known as _______ paradox of value
2. Manufactured goods needed to produce other goods and services are called ________ capital goods
3. The study of economics is important because it enables us to become better decision makers
4. The dollar value of all final goods, services, and structures produced within a country’s borders in a single year is _______ GDP
5. What do entrepreneurs do? start new businesses
6. T/F Entrepreneurs play one of the most important roles in the economy? T
7. The minimum wage is an example of a federal law that supports economic equity
8. What is a multinational? a for-profit company that works in multiple countries
9. For most products and services, an increase in price results in a. demand for less of the product.
10. An increase in the price of milk causes a decrease in the demand for cereal. The two products are complements
11. If a modest price increase has little or no effect, the demand for the product is elastic
12. Consumers' willingness to replace a costly item with a less costly item is an example of substitute
13. When a customer's need for a product is not urgent, demand tends to be inelastic
14. Workers who have the skills to operate machines and who require a minimum amount of training are ____________ semi-skilled labor
15. Which of the following prohibits wage and salary discrimination for jobs that require equivalent skills and responsibilities? Equal Pay Act
16. The invisible barrier that hinders women and minorities from advancement up the corporate ladder is ______________ glass ceiling
17. What is the “incidence of a tax”? whoever has to pay the tax has the incidence of a tax
18. Ann earns $10,000 annually and pays a tax of $1,000. Jerome earns $60,000 during the same period and pays taxes of $20,000. The tax they both paid was a progressive tax
19. FICA includes taxes to pay for Social Security and Medicare
20. An example of discretionary spending is financing for ____________ national defense
21. The largest category of spending for most local governments is educational spending
22. Money that has an alternative use as an economic good is commodity money
23. Money loses its value when it becomes too plentiful
24. When money is easily transferred from one person to another, it is said to be portable
25. The North American Free Trade Agreement proposed free trade between the United States and Mexico and Canada
value worth that can be expressed in dollars and cents
economics study of how people try to satisfy their needs through the careful use of scarce resources
capital tools, equipment, machinery, and factories used in the production of goods and services
scarcity condition of not having enough resources to produce all the things people want
opportunity cost cost of the next-best alternative use of money, time, or resources when one choice is made rather than another
labor people with all their efforts, abilities, and skills
Social Security program that provides retirement and disability benefits for working people
competition struggle among sellers to attract consumers
socialism political and economic system in which the government owns and controls some, but not all, of the basic productive resources
inflation rise in the general level of prices
profit degree to which people are better off financially at the end of a specific period than they were at the beginning
interest price paid for the use of another's money
multinational corporation that has manufacturing or service operations in a number of countries
labor union organization of workers formed to represent its members' interests in various employment matters
inventory stock of finished goods and parts in reserve
demand desire, ability, and willingness to buy a product
elastic
substitutes
microeconomics
1. The situation in which some necessities have little value while some non-necessities have a much higher value is known as _______ paradox of value
2. Manufactured goods needed to produce other goods and services are called ________ capital goods
3. The study of economics is important because it enables us to become better decision makers
4. The dollar value of all final goods, services, and structures produced within a country’s borders in a single year is _______ GDP
5. What do entrepreneurs do? start new businesses
6. T/F Entrepreneurs play one of the most important roles in the economy? T
7. The minimum wage is an example of a federal law that supports economic equity
8. What is a multinational? a for-profit company that works in multiple countries
9. For most products and services, an increase in price results in a. demand for less of the product.
10. An increase in the price of milk causes a decrease in the demand for cereal. The two products are complements
11. If a modest price increase has little or no effect, the demand for the product is elastic
12. Consumers' willingness to replace a costly item with a less costly item is an example of substitute
13. When a customer's need for a product is not urgent, demand tends to be inelastic
14. Workers who have the skills to operate machines and who require a minimum amount of training are ____________ semi-skilled labor
15. Which of the following prohibits wage and salary discrimination for jobs that require equivalent skills and responsibilities? Equal Pay Act
16. The invisible barrier that hinders women and minorities from advancement up the corporate ladder is ______________ glass ceiling
17. What is the “incidence of a tax”? whoever has to pay the tax has the incidence of a tax
18. Ann earns $10,000 annually and pays a tax of $1,000. Jerome earns $60,000 during the same period and pays taxes of $20,000. The tax they both paid was a progressive tax
19. FICA includes taxes to pay for Social Security and Medicare
20. An example of discretionary spending is financing for ____________ national defense
21. The largest category of spending for most local governments is educational spending
22. Money that has an alternative use as an economic good is commodity money
23. Money loses its value when it becomes too plentiful
24. When money is easily transferred from one person to another, it is said to be portable
25. The North American Free Trade Agreement proposed free trade between the United States and Mexico and Canada
value worth that can be expressed in dollars and cents
economics study of how people try to satisfy their needs through the careful use of scarce resources
capital tools, equipment, machinery, and factories used in the production of goods and services
scarcity condition of not having enough resources to produce all the things people want
opportunity cost cost of the next-best alternative use of money, time, or resources when one choice is made rather than another
labor people with all their efforts, abilities, and skills
Social Security program that provides retirement and disability benefits for working people
competition struggle among sellers to attract consumers
socialism political and economic system in which the government owns and controls some, but not all, of the basic productive resources
inflation rise in the general level of prices
profit degree to which people are better off financially at the end of a specific period than they were at the beginning
interest price paid for the use of another's money
multinational corporation that has manufacturing or service operations in a number of countries
labor union organization of workers formed to represent its members' interests in various employment matters
inventory stock of finished goods and parts in reserve
demand desire, ability, and willingness to buy a product
elastic describes change in demand when a change in price causes a relatively larger change in quantity demanded
substitutes products used in place of other products
microeconomics part of economic theory that deals with behavior and decision making by individual units
Law of Supply principle that suppliers will normally offer more for sale at high prices and less at lower prices
supply elasticity measure of the way in which quantity supplied responds to changes in price
overhead total fixed costs
total cost sum of the fixed and variable costs
unskilled labor laborers who work primarily with their hands because they lack training
mediation process of bringing in a neutral third party to settle a dispute
boycott mass refusal to buy products from targeted companies
union shop employment situation where new workers must join a union after being hired
minimum wage lowest wage that can be paid by law to most workers
progressive tax tax that imposes a higher percentage rate of taxation on people with higher incomes than on people with lower incomes
sin tax relatively high tax on socially undesirable products, such as tobacco
property tax tax on tangible and intangible possessions, such as real estate, buildings, furniture, stocks, bonds, and bank accounts
individual income tax federal tax on people's earnings
per capita per person
budget surplus excess of revenues over expenditures
private sector that part of the economy made up of individuals and privately owned businesses
deficit spending spending in excess of revenues collected
state bank bank that received its charter to operate from the state government
silver certificate paper currency backed by silver dollars and bullion
barter economy economy based on trade rather than money
fiat money anything a government decrees to be money
automatic stabilizer programs that automatically trigger benefits if changes in the economy lower income
equilibrium price price where quantity supplied equals quantity demanded
Keynesian economics actions to lower unemployment by stimulating aggregate demand
tariff tax on imports designed to increase their price in the domestic market
North American Free Trade Agreement (NAFTA) agreement among Canada, Mexico, and the United States to reduce tariffs
fixed exchange rate system under which the values of currencies are fixed in relation to one another
absolute advantage a country's ability to produce more of a given product than another country
Created by: jkrich2008
 

 



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