Econ Final Exam
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| market equilibrium | show 🗑
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| show | The price at which the quantity demanded and the quantity supplied are equal. (This is also known as Market Clearing Price)
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| surplus | show 🗑
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| show | above the equilibrium price.
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| show | quantity of the surplus
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| show | When the quantity demanded is greater than the quantity supplied.
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| a shortage is represented by any point ... | show 🗑
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| show | the quantity of the shortage
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| show | an artificial price set below the equilibrium price
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| price floor | show 🗑
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| show | when a government intervenes to regulate prices
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| supply curve | show 🗑
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| show | a table that shows the relationship between the price of a good and the quantity supplied
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| show | producers offer more of a good as its price increases and less as its price falls
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| show | If the prices of natural resources
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| show | New technology often reduces producers' costs
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| Change in profit opportunities producing other products | show 🗑
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| Change in producers price expectations | show 🗑
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| Change in the number of sellers in the market | show 🗑
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| quantity supplied | show 🗑
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| supply | show 🗑
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| Demand | show 🗑
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| Law of demand | show 🗑
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| Demand Schedule | show 🗑
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| Demand Curve | show 🗑
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| show | Some factor that causes a shift in the Demand curve
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| show | the amount of a good or service that consumers want at a given price (represented by a point on the curve)
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| production possibilities curve | show 🗑
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| Traditional Economy | show 🗑
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| market economy | show 🗑
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| command economy | show 🗑
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| mixed economy | show 🗑
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| Adam Smith | show 🗑
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| show | 1818-1883. 19th century philosopher
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| marginal cost | show 🗑
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| show | the additional benefit to a consumer from consuming one more unit of a good or service
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| show | the process of deciding whether to do or use one additional unit of some resource
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| goods | show 🗑
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| show | Actions or activities that one person performs for another; intangible
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| show | all natural resources used to produce goods and services
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| show | the effort that people devote to a task for which they are paid
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| Capital | show 🗑
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| Entrepreneur | show 🗑
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| Trade-off | show 🗑
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| show | the most desirable alternative given up as the result of a decision
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| trade | show 🗑
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| Barriers to trade | show 🗑
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| show | the ability of an individual
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| show | the ability of an individual
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| show | the concentration of the productive efforts of individuals and firms on a limited number of activities
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| Depreciated Value | show 🗑
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| exchange rate | show 🗑
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| Imports | show 🗑
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| show | Goods and Services sold to other countries
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| show | A tax on imported goods
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| show | tax on imports used primarily to raise government revenue without restricting imports
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| show | A tax on imported goods that raises the price of imports so people will buy domestic goods
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| show | A limit placed on the quantities of a product that can be imported
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| Embargo | show 🗑
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| fiscal policy | show 🗑
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| show | a general increase in prices and fall in the purchasing value of money.
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| progressive tax | show 🗑
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| proportional tax | show 🗑
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| regressive tax | show 🗑
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| demand-pull inflation | show 🗑
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| cost-push inflation | show 🗑
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| show | a period of temporary economic decline during which trade and industrial activity are reduced
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| show | A long-term economic state characterized by unemployment and low prices and low levels of trade and investment
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| show | Federal spending required by law that continues without the need for annual approvals by Congress.
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| show | Federal spending on programs that are controlled through the regular budget process
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| show | government programs that pay benefits to retired and disabled workers
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| public assistance programs | show 🗑
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| monetary policy | show 🗑
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| show | Interest rate banks charge each other for loans
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| open market operations | show 🗑
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| fractional reserve banking | show 🗑
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| show | the minimum interest rate set by the Federal Reserve for lending to other banks.
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| expansionary monetary policy | show 🗑
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| reserve requirement | show 🗑
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| show | the Federal Reserve's policy of increasing interest rates to reduce inflation
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| show | The most narrowly defined money supply
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| M2 | show 🗑
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| M3 | show 🗑
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| GDP | show 🗑
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| CPI | show 🗑
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| unemployment | show 🗑
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| show | a business owned and managed by a single individual
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| Partnership | show 🗑
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| show | A business owned by stockholders who share in its profits but are not personally responsible for its debts
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| show | the combination of two or more firms competing in the same market with the same good or service
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| show | the combination of two or more firms involved in different stages of producing the same good or service
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| conglomerate | show 🗑
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| publicly held corporation | show 🗑
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| corporate charter | show 🗑
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| articles of incorporation | show 🗑
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| show | A share of ownership in a corporation.
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| perfect competition | show 🗑
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| monopolistic competition | show 🗑
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| Oligopoly | show 🗑
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| show | A market in which there are many buyers but only one seller.
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| barriers to entry | show 🗑
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| Nash Equilibrium | show 🗑
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| game theory | show 🗑
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| show | a table that shows the payoffs that each firm earns from every combination of strategies by the firms
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
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Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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