Economics Final
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each of the black spaces below before clicking
on it to display the answer.
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| show | Lorenz Curve
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| ________________________________ is the total amount of money a firm receives by selling goods or services. | show 🗑
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| A ________________________is a bank that can lend to other banks in times of need. | show 🗑
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| People face________________ , or alternative choices, whenever they make an economic decision. | show 🗑
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| A __________________________ is a graph of the quantity supplied of a good at different prices. | show 🗑
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| show | commodity money
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| show | economics
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| ____________________________ are items that are economically useful or that satisfy an economic want. | show 🗑
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| show | 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. | show 🗑
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| show | 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. | show 🗑
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| ___________________is the cost that a business incurs even if the plant is idle and output is zero. | show 🗑
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| The federal government prepares the_________________ which is an annual plan outlining proposed revenues and expenditures for the coming year. | show 🗑
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| show | laissez-faire
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| The effort that a person devotes to a task for which that person is paid is called _________________. | show 🗑
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| show | opportunity cost
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| show | factors of production
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| An ______________ is a risk-taker in search of profits who does something new with existing resources. | show 🗑
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| show | 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. | show 🗑
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| Work that is performed for someone, such as home repairs, is called a __________________. | show 🗑
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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. | show 🗑
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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. | show 🗑
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| One characteristic of capitalism is ______________________ which is the acct of buyers and sellers freely and willingly engaging in market transactions. | show 🗑
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| show | profit
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| show | stocks
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| A ______________________ is a written promise to repay the amount borrowed at a later date. | show 🗑
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| The ________________________ states that the quantity demanded of a good or service varies inversely with its price. | show 🗑
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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. | show 🗑
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| show | Law of Supply
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| show | price
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| show | surplus
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| show | monopoly
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| show | right-to-work law
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| show | 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. | show 🗑
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| A ________________________ is a proportional tax on individual income after a specified threshold has been reached. | show 🗑
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| In a __________________________ citizens carry on their economic affairs freely but are subject to some government intervention and regulation. | show 🗑
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| show | need
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| show | inflation
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| show | market economy
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| show | microeconomics
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| _______________________is characterized by a large number of well-informed independent buyers and sellers who exchange identical products. | show 🗑
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| show | efficiency
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| show | substitution effect
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| A person’s _______________________________ is determined by his or her level of economic prosperity | show 🗑
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| show | competition
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| show | private property
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| ___________________________________ is an economic system characterized by private or corporate ownership of capital goods. | show 🗑
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| show | profit motive
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| show | public sector
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| show | 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. | show 🗑
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| show | income effect
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