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two goods that are used together
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goods that consumers demand more of when incomes increase
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Eco. Exam Review
Richter-Economics-Final Exam Review
| Question | Answer |
|---|---|
| two goods that are used together | complements |
| goods that consumers demand more of when incomes increase | normal goods |
| goods used in place of one another | substitutes |
| goods for which demand falls as income increases | inferior goods |
| a government payment that supports a business or market | subsidy |
| a factor that can change | variable |
| how much of a good is offered for sale at a specific price | quantity supplied |
| a cost that does not change no matter how much is produced | fixed cost |
| point at which supply and demand come together | equilibrium |
| when quantity supplied exceeds quantity demanded | surplus |
| in a market with only one seller, that seller has a | monopoly |
| What is the principle of the law of supply? | the higher the price, the larger the quantity produced |
| What does new technology generally do to production? | it lowers the cost and increases supply |
| Why did the former Soviet Union (Russia) use a command economic system instead of one based on price? | it had major shartages of many goods and services |
| the controller of a monopoly sets the price of goods by charging | as much as possible regardless of the amount sold |
| the organized set of procedures for producing and distributing goods and services is a nation's | economic system |
| the amount of money left over alfter all costs of production have been paid is the | profit |
| one of the first people to attempt to explain how the market operates in a pure market economy was | Adam Smith |
| the overall economic well-being of people is often called their | standard of living |
| the amount of a product that a consumer is willing and able to buy at various prices during a given period | demand |
| the amount of satisfaction that an individual receives from consuming a product is | utility |
| item that can be purchases in place of another product when price increases | substitute good |
| an inelastic supply graph would be more ___ than an elastic supply graph | vertical |
| a business that is owned and controlled by one person | sole proprietorship |
| anything that a borrower has that guarantees that he will repay a loan | collateral |
| some decisions to produce goods and services generate unintended costs called | negative externalities |
| anything that a borower has that guarantees that he will repay a loan | collateral |
| a business that is owned and controlled by two or more people is called a | partnership |
| a certificate of ownership | stock |
| all people who are at least 16 and are working or are seeking work are included in the | labor force |
| the lowest wage an employer can legally pay a worker is the going | minimum wage |
| an organization that negotiates with employers for better wages and working conditions is a | labor union |
| the profits that a stockholder in a corporation receives is called | dividends |
| sequential rise and fall of the economy | business cycle |
| good or service provided by the government for everyone | public good |
| tax money collected by the government and redistributed to groups such as the poor, the elderly, the disabled | transfer payment |
| food stamps, legal aid, and food giveaways are examples of | in kind benefits |
| social security and medicare benefits are examples of | cash transfers |
| someone who would not choose to pay for a certain good or service, but gets it anyway is known as a | free rider |
| examples of public goods: | dam, highway, city park |
| when a market does not distribute resources efficiently, economists call it a | market failure |
| an economic side effect that generates costs or benefits to someone other than the person making the decision is known as a (an) | externality |
| an income level below that which is needed to support families is | poverty threshold |
| things like health insurance, disability insurance, and medical benefits are examples of | safety nets |
| economists define___as the "limited quantities to meet unlimited wants" | scarcity |
| all decisions require ___ because we must give up some alternatives when we choose a certain course of aciton | trade-offs |
| the term___refers to all natural resources that are used to produce goods and services | capital |
| economists use the term___ when a country decides whether to use its resources to manufacture military equipment or consumer products | guns or butter |
| a person who starts a new business or develops an original idea is known as a (an) | entreneupuer |
| the___of self-interest results when the consumer tries to get the most for his/her money while the producer tries to get the most money for his product or service | invisible |
| when one person willingly gives up money for a product and another willingly gives up a product for money, it is called a ___ | voluntary exchange |
| a demand curve goes form___ to ___ while a supply curve goes for ___ to ___ | left to right; right to left |
| when a union forces a company to keep unnecessary workers on the company | feather bedding |
| an unofficial, invisible barrier that keeps women and minorities from reaching the highest levels of management | glass ceiling |
| an organized work stoppage intended to force an employer to address union demands | strike |
| the theory that the completion of college tells employers that a job applicant is reasonabale intelligent and hard-working | learning effect |
| key economic questions that every society must answer | what to produce, how to produce, who will consume |
| three factors of production | capital, labor, and land |
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