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Econ Exam Review
Economics
| Question | Answer |
|---|---|
| the study of how individuals and societies make choices about ways to use scarce resources to fulfill their wants | economics |
| items of value that can be seen and touched | goods |
| the value of the next best alternative given up for the choice that was chosen | opportunity costs |
| exchanging one thing for another | trade off |
| ability of risk taking individuala to deliver new products | entrepreneurship |
| items of value that cannot be seen or touched | services |
| condition of not being able to have all the goods or services one wants | scarcity |
| another name for natural resources present without human intervention | land |
| which one of these is not one of the basic economic questions | when |
| list four of the five factors of production | land- labor- capital- technology- entrepreneurship |
| his writing established the basic economic thought in the united states | adam smith |
| economic system in which basic economic activity stems from ritual, habit, or custom | traditional economy |
| economic system in which basic economic decisions are made by a central authority | command economy |
| economic system in which basic economic decisions are made by people and firms acting in their own best interests | market economy |
| which of the following is not a major economic and social goal of the united states | economic interdependence |
| economic goals are important because they | help people determine if an economic system meets their needs |
| why is economic growth an important goal of the united states | economic growth is needed to better satisfy the wants and needs of a growing population |
| economic system in which private citizens own the factors of production | capitalism |
| the struggle among sellers to attract consumers while lowering costs | competition |
| all of the following are characteristics of capitalism except | government control |
| why are entrepreneurs important in a free enterprise economy | entrepreneurs start new businesses |
| a business owned and run by one person | sole proprietorship |
| business organization recognized by law as a separate legal entity having all the rights of an individual | corporation |
| what is the most common form of business organization in the united states | sole proprietorship |
| basic ownership of a corporation, including voting rights, takes the form of | common stock |
| business combination of firms involved in different steps of manufacturing or marketing | vertical merger |
| horizontal mergers involve | two or more firms that produce the same kind of product |
| what is the law of demand | |
| what is the law of supply | |
| what is created when the price is set higher than the point where supply and demand meet | surplus |
| what is created when the price is set lower than the point where supply and demand meet | shortage |
| what is the name of the point where supply and demand meet | equilibrium |
| when the government sets a cap on what price business can change citizens | price ceiling |
| when there is a change in what people will buy because a change in price is called | price effect |
| equilibrium is important because | it balances the amounts demanded and supplied |
| if there is a surplus in a market, the price is likely to | decrease |
| change in price that creates a shift in demand along the demand curve | price effect |
| products that tend to be used together | complements |
| actual price and quantity sold is determined in market | invisible hand |
| deals with behavior and decision making of small units | microeconomics |
| money that a government has declared to be legal tender | fiat money |
| money that has an alternative use as an economic good | commodity money |
| how many federal reserve banks are there | 12 |
| which reserve bank is closest to west orange | atlanta |
| money loses its value when it | becomes too plentiful |
| in the organization of the federal reseve, this group meets to discuss interest rates and well being of the economy | open market committee |
| name the two men who developed our monetary system | hamelton and franklin |
| what percent are most banks required to keep reseve with the federal reserve | 10 percent |
| relatively high tax on socially undesirable products, such as tobacco | sin tax |
| tax on tangible and intangible possessions, such as real estate, buildings, furniture, stocks, bonds, and bank accounts | property tax |
| tax on people's earnings | individual income tax |
| medicare and fica | payroll taxes |
| taxes that imposes a higher percentage rate of taxation on people with higher incomes than on people with lower income | progressive tax |
| profits from the sale of an asset held for 12 months | capital gains |
| tax on the manufacture and sale of selected items | excise tax |
| the authority to levy a federal income tax comes from | the sixteenth amendment |
| intergovernmental revenues are generally intended for | education and public welfare |
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lizhopper2
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