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ECONOMICS

Final Exam Study Question

QuestionAnswer
What are the factors of production? land, labor, capital
What are the 3 key eco questions? what to produce, who to produce it for, and how to produce it
Why would a business sell stocks or bonds? for long term money
Name an example of a natural monopoly utilities
What are the features of a perfect competition? same product, same price
Nursing schools applicants have decreased, less students, if continues, what will be the effect on the market for nurses? wages will increase for nurses
What does a supply and demand graph show? equilibrium
Functions of money unit of account, measure of value, store of value
At which stage of business cycle will unemployment increase? recessionary/contraction stage
command eco gov controls all, lacks efficiency
Name an ex of complementary goods game, controller
Why does gov regulate monopolies prevent abuse of market power
Describe the law of diminishing returns output decreases per added worker
How increase productivity? innovation
Supply decreases, price ... increases
Why pay taxes? support government
Supply side economics ______ businesses to boost the economy deregualte
How does money supply increase? people save money, banks can make loans to businesses, etc.
How do natural monopolies help society? meet demand with large investment required
How do credit unions differ from commercial bank lower loan int charges, lower/no fees
What is cyclical unemployment? unemployment cause by contraction or recessionary period
Full employment no cyclical unemployment
personal income tax progressive tax
sales tax regressive tax
how od commercial banks differ form a "savings and loan?" offer more services
what causes elasticity of goods to increase? when there is a substitute
why does the gov allow natural monopolies can provide with lower costs
gold is what type of money? commodity
which market structures use product differentiation? monopolistic competition and oligopolies
what happens to inferior goods when consumer wages increase? demand goes down
production possibilities curve shows... opportunity cost
name of ex of good with inelastic demand medicine, water
what is a trade of? what you give to gain something
business owner buys equipment and pays for labor in ______ market factor market
equilibrium eradicates what? surplus and shortage
what is FICA? SS and medicare
what is market eco? producers use resources to meet demand and still make profit
which market structure has more stable prices? oligopoly
which system vales private ownership? capitalism
what issue does command eco have in becoming market eco? privatization
Created by: sapphiredragon99