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Economics Final

The _____________________ shows how much the actual distribution of income varies from an equal distribution. Lorenz Curve
________________________________ is the total amount of money a firm receives by selling goods or services. total revenue
A ________________________is a bank that can lend to other banks in times of need. central bank
People face________________ , or alternative choices, whenever they make an economic decision. trade-offs
A __________________________ is a graph of the quantity supplied of a good at different prices. supply curve
_________________________ is money that has an alternative use as an economic good. commodity money
________________________________is the social science that deals with the study of how people satisfy seemingly unlimited and competing wants with the careful use of scarce resources. economics
____________________________ are items that are economically useful or that satisfy an economic want. goods
______________________________is a situation in which prices are relatively stable and the quantity of goods or services supplied is equal to the quantity demanded. market equilibrium
A __________________ is a firm that has at least four businesses, each making unrelated products, none of which is responsible for a majority of its sales. conglomerate
______________________________ are bonds issued by the state and local governments. municipal bonds
________________ is the condition that results from society not having enough resources to produce all the things that people would like to have. scarcity
___________________is the cost that a business incurs even if the plant is idle and output is zero. fixed cost
The federal government prepares the_________________ which is an annual plan outlining proposed revenues and expenditures for the coming year. federal budget
_____________________ is the philosophy that government should not interfere with commerce or trade. laissez-faire
The effort that a person devotes to a task for which that person is paid is called _________________. labor
______________________________ is the cost of the next best alternative use of money, time, or resources. opportunity cost
Land, capital, labor, and entrepreneurs are all ________________________________. factors of production
An ______________ is a risk-taker in search of profits who does something new with existing resources. entrepreneur
Financial ______________________ is the money used to buy the tools and equipment used in production. capital
The _______________________________ is the dollar value of all final goods and services, and structures produced within a country’s borders in a 12-month period. Gross Domestic Product
Work that is performed for someone, such as home repairs, is called a __________________. service
___________________________ is a measure of the amount of output produced by a given amount of inputs in a specific period of time. productivity
In a society with a ________________________, the allocation of scarce resources, and nearly all other economic activity, stems from ritual, habit, or custom. traditional economy
One characteristic of capitalism is ______________________ which is the acct of buyers and sellers freely and willingly engaging in market transactions. voluntary exchange
_________________ is the extent to which persons or organizations are better off at the end of a period than they were at the beginning. profit
_________________ are ownership certificates in a firm. stocks
A ______________________ is a written promise to repay the amount borrowed at a later date. bond
The ________________________ states that the quantity demanded of a good or service varies inversely with its price. Law of Demand
A _______________________ is a graph that shows the quantity demanded of a good or service at each and every price that might prevail in the market. demand curve
__________________ is the principle that suppliers will normally offer more for sale at high process and less at lower prices. Law of Supply
A ________________ is a monetary value of a product as established by supply and demand. price
A ____________________ is a situation in which the quantity supplied is greater than the quantity demanded at a given price. surplus
A _______________________ is a market structure with only one seller of a particular product. monopoly
A _______________________________ is a state law making it illegal to force workers to join a union as a condition of employment, even though a union may already exist at the company. right-to-work law
A ____________________ is a tax that imposes a higher percentage rate of taxation on persons with higher incomes. progressive tax
A _____________________ is a tax that imposes a higher percentage rate of taxation on low incomes than on high incomes. regressive tax
A ________________________ is a proportional tax on individual income after a specified threshold has been reached. flat tax
In a __________________________ citizens carry on their economic affairs freely but are subject to some government intervention and regulation. mixed economy
A _______________ is a basic requirement for survival and includes food, clothing, and shelter. need
____________________ is a rise in the general level of prices. inflation
A __________________________ features decentralized decision making with people and firms acting in their own self interests. market economy
_______________________is the area of economics that deals with behavior and decisions making by small units, such as individuals and firms. microeconomics
_______________________is characterized by a large number of well-informed independent buyers and sellers who exchange identical products. perfect competition
____________________________ is using resources in such a way as to maximize the production of goods and services. efficiency
The ___________________________________ is when customers react to an increase in a good’s price by consuming less of that good and more of other goods. substitution effect
A person’s _______________________________ is determined by his or her level of economic prosperity standard of living
_______________________________ is the struggle among producers for the dollars of consumers. competition
________________________________ is owned by individuals or companies, not by the government. private property
___________________________________ is an economic system characterized by private or corporate ownership of capital goods. free enterprise
The force that encourages people and organizations to improve their material well being is _____________________________. profit motive
The _________________________ is the part of the economy that involves the transactions of the government. public sector
In societies with a ________________________________, a central authority makes most of the economic decisions. command economy
The _________________________________________ is the price that “clears the market” by leaving neither a surplus nor a shortage at the end of the trading period. equilibrium price
The change in consumption resulting from a change in real income is the__________________________. income effect
Created by: Kyle80979



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