Richter-Economics-Final Exam Review
Help!
|
|
||||
|---|---|---|---|---|---|
| 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
🗑
|
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.
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.
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.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
pennyboone
Popular American Government sets