Economics Final
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| The _____________________ shows how much the actual distribution of income varies from an equal distribution. | Lorenz Curve
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| ________________________________ is the total amount of money a firm receives by selling goods or services. | total revenue
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| A ________________________is a bank that can lend to other banks in times of need. | central bank
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| People face________________ , or alternative choices, whenever they make an economic decision. | trade-offs
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| A __________________________ is a graph of the quantity supplied of a good at different prices. | supply curve
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| _________________________ is money that has an alternative use as an economic good. | commodity money
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| ________________________________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
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| ____________________________ are items that are economically useful or that satisfy an economic want. | goods
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| ______________________________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
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| 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
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| ______________________________ are bonds issued by the state and local governments. | municipal bonds
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| ________________ is the condition that results from society not having enough resources to produce all the things that people would like to have. | scarcity
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| ___________________is the cost that a business incurs even if the plant is idle and output is zero. | fixed cost
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| The federal government prepares the_________________ which is an annual plan outlining proposed revenues and expenditures for the coming year. | federal budget
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| _____________________ is the philosophy that government should not interfere with commerce or trade. | laissez-faire
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| The effort that a person devotes to a task for which that person is paid is called _________________. | labor
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| ______________________________ is the cost of the next best alternative use of money, time, or resources. | opportunity cost
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| Land, capital, labor, and entrepreneurs are all ________________________________. | factors of production
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| An ______________ is a risk-taker in search of profits who does something new with existing resources. | entrepreneur
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| Financial ______________________ is the money used to buy the tools and equipment used in production. | capital
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| 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
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| Work that is performed for someone, such as home repairs, is called a __________________. | service
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| ___________________________ is a measure of the amount of output produced by a given amount of inputs in a specific period of time. | productivity
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| In a society with a ________________________, the allocation of scarce resources, and nearly all other economic activity, stems from ritual, habit, or custom. | traditional economy
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| One characteristic of capitalism is ______________________ which is the acct of buyers and sellers freely and willingly engaging in market transactions. | voluntary exchange
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| _________________ is the extent to which persons or organizations are better off at the end of a period than they were at the beginning. | profit
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| _________________ are ownership certificates in a firm. | stocks
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| A ______________________ is a written promise to repay the amount borrowed at a later date. | bond
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| The ________________________ states that the quantity demanded of a good or service varies inversely with its price. | Law of Demand
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| 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
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| __________________ is the principle that suppliers will normally offer more for sale at high process and less at lower prices. | Law of Supply
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| A ________________ is a monetary value of a product as established by supply and demand. | price
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| A ____________________ is a situation in which the quantity supplied is greater than the quantity demanded at a given price. | surplus
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| A _______________________ is a market structure with only one seller of a particular product. | monopoly
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| 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
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| A ____________________ is a tax that imposes a higher percentage rate of taxation on persons with higher incomes. | progressive tax
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| A _____________________ is a tax that imposes a higher percentage rate of taxation on low incomes than on high incomes. | regressive tax
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| A ________________________ is a proportional tax on individual income after a specified threshold has been reached. | flat tax
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| In a __________________________ citizens carry on their economic affairs freely but are subject to some government intervention and regulation. | mixed economy
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| A _______________ is a basic requirement for survival and includes food, clothing, and shelter. | need
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| ____________________ is a rise in the general level of prices. | inflation
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| A __________________________ features decentralized decision making with people and firms acting in their own self interests. | market economy
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| _______________________is the area of economics that deals with behavior and decisions making by small units, such as individuals and firms. | microeconomics
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| _______________________is characterized by a large number of well-informed independent buyers and sellers who exchange identical products. | perfect competition
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| ____________________________ is using resources in such a way as to maximize the production of goods and services. | efficiency
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| 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
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| A person’s _______________________________ is determined by his or her level of economic prosperity | standard of living
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| _______________________________ is the struggle among producers for the dollars of consumers. | competition
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| ________________________________ is owned by individuals or companies, not by the government. | private property
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| ___________________________________ is an economic system characterized by private or corporate ownership of capital goods. | free enterprise
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| The force that encourages people and organizations to improve their material well being is _____________________________. | profit motive
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| The _________________________ is the part of the economy that involves the transactions of the government. | public sector
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| In societies with a ________________________________, a central authority makes most of the economic decisions. | command economy
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| 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
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| The change in consumption resulting from a change in real income is the__________________________. | income effect
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