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Econ Only ISS Final
| Question | Answer |
|---|---|
| What field studies choices about limited resources? | Economics |
| What problem exists when resources are limited but wants are unlimited? | Scarcity |
| What is the next best alternative given up when making a choice? | Opportunity cost |
| What decision method compares what is gained and what is given up? | Cost-benefit analysis |
| What term means an unexpected result of an action or policy? | Unintended consequence |
| What term means unexpected costs or benefits from actions or policies? | Unintended costs and benefits |
| What term means something that encourages action or effort? | Incentive |
| What term means the process of buying and selling? | Commerce |
| What term means a system of production, consumption, and exchange? | Economy |
| What term means buyers and sellers interacting to exchange goods and services? | Market |
| What term means willingness and ability to purchase a good or service? | Demand |
| What term means the amount sellers are willing and able to provide? | Supply |
| What price occurs when supply and demand are equal? | Equilibrium price |
| What happens when quantity demanded is greater than quantity supplied? | Shortage |
| What happens when quantity supplied is greater than quantity demanded? | Surplus |
| What happens to price when demand increases and supply stays the same? | Price rises |
| What happens to price when supply increases and demand stays the same? | Price falls |
| What happens to the demand curve when demand increases? | Shifts right |
| What happens to the supply curve when supply increases? | Shifts right |
| What term means using resources in the best way while minimizing waste? | Efficiency |
| What term means focusing on one task, skill, or product? | Specialization |
| What term means producing something more efficiently than another person or group? | Comparative advantage |
| What term means a system moving a product from producer to consumer? | Chain of supply |
| What term means the resources used to make goods and services? | Factors of production |
| What factor of production includes natural resources? | Land |
| What factor of production includes human work used for production? | Labor |
| What factor of production includes tools, machines, and financial assets used in production? | Capital |
| What term means financial gain after costs are paid? | Profit |
| What economic system relies on customs, history, and tradition? | Traditional economy |
| What economic system is controlled mainly by government planning? | Command economy |
| What economic system is guided mostly by buyers, sellers, and prices? | Market economy |
| What economic system combines private choice with government involvement? | Mixed economy |
| What term means a market controlled by one seller? | Monopoly |
| What term means a market controlled by a few large sellers? | Oligopoly |
| What term means the total value of goods and services produced in a country? | GDP |
| What term means prices stay mostly stable over time? | Price stability |
| What policy uses government spending and taxes to influence the economy? | Fiscal policy |
| What policy uses money supply and interest rates to influence the economy? | Monetary policy |
Created by:
rockcastle