Final test review
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| Economics | show 🗑
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| show | Condition of not being able to have all of the goods and services one wants, because wants exceed
what can be made from all available resources at any given time.
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| Opportunity Cost | show 🗑
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| Entrepreneurship | show 🗑
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| show | Used by economists to show the maximum combinations of good and services that can be produced from a
fixed amount of resources in a given period of time. Businesses use this the most.
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| What is the difference between a “need” and a “want”? | show 🗑
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| Name and describe the three factors of production. | show 🗑
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| Name and describe each of the economic systems. | show 🗑
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| Name and describe each of the economic systems. | show 🗑
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| Private property exists under which system? | show 🗑
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| What are the three basic questions concerning each of the economic systems? | show 🗑
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| show | All of them
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| show | Little or no involvement
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| Adam Smith’s, “invisible hand” refers to the role of what? | show 🗑
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| show | Pure market
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| show | income remaining for a person to spend or save after all taxes have been paid
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| Define Warranty | show 🗑
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| show | Income and time
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| show | cheaper price
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| What are the five consumer rights? | show 🗑
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| show | State and federal governments
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| What is a finance charge? | show 🗑
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| A financial institution that is owned and operated by members to provide savings accounts and low interest loans is called what? | show 🗑
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| What tactics do credit companies use to get people to sign up with them? | show 🗑
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| show | Law restricting the amount of interest that can be charged for credit
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| show | Size of your capital or personal wealth
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| What consists of a mortgage and how is a mortgage paid off? | show 🗑
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| What is liability insurance? | show 🗑
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| In a Roth IRA, what is tax free? | show 🗑
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| show | Dow Jones, S&P 500
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| Describe the Federal Deposit Insurance Corporation (FDIC). | show 🗑
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| What do Keogh and IRA plans allow people to do? | show 🗑
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| show | Capital gains
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| Explain the Money Market Funds? | show 🗑
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| show | Several types of larger investments (bonds/notes) sold by the federal Treasury Department.
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| show | Bonds are low risk and stocks are high risk
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| show | Goes down.
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| show | Produce more product
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| show | Increase in technology, income
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| When the price of a good is too high for consumers, what do they do? | show 🗑
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| show | The more you have of something, the less satisfaction you will get from an additional unit.
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| show | elastic
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| If the price of a product is above its equilibrium price, the result is what? | show 🗑
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| show | a person who organizes, manages, and assumes the risks of a business in order to gain profits.
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| Unlimited Liability: | show 🗑
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| Joint Venture: | show 🗑
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| show | The chain, will have a training program to teach the franchisee about the business and set the
standards of business operations
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| What business type accounts for the greatest share of revenues in the United States? | show 🗑
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| Name the characteristics of a Monopoly. | show 🗑
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| Give a couple of examples of what a Natural Monopoly would be. | show 🗑
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| show | Oligopoly
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| show | Oligopoly and Monopolistic Competition
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| Federal agencies actually decreased competition in an industry by doing what? | show 🗑
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Created by:
Deja Warren
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