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