Economics Final Exam
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| show | The social science that deals with the study of how people satisfy seemingly unlimited and competing wants with the careful use of scarce resources.
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| Microeconomics | show 🗑
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| Macroeconomics | show 🗑
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| What happens when supply increases and demand stays the same (or decreases)? | show 🗑
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| What happens when demand increases but supply stays the same (or decreases)? | show 🗑
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| show | The equilibrium quantity rises but the change in equilibrium price is ambigous. Both the supply and demand curve shift rightwards.
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| What happens when both supply and demand decrease? | show 🗑
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| Market Equilibrium | show 🗑
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| show | When the quantity demanded equals the quantity supplied.
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| Needs | show 🗑
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| Goods | show 🗑
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| Market Economy | show 🗑
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| Examples of what, how, and for whom questions | show 🗑
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| Free Market Economy | show 🗑
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| Consumer Price Index (CPI) | show 🗑
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| show | A country can produce beyond its production possibility curve. Resources can be used more efficiently. Larger quantites of goods and services can be produced.
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| Conglomerate | show 🗑
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| Conglomerate goods | show 🗑
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| show | Ownership in companies.
The NASDAQ.
401(k)s and individual retirement companies.
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| Financial Capital Account | show 🗑
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| show | The education and experience of the labor force.
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| Subsitiution Effect | show 🗑
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| Expenditures | show 🗑
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| Theory of Rational Expectations | show 🗑
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| show | Something a person or company owes, usually a sum of money.
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| Central Bank | show 🗑
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| Why do banks choose to borrow directly from the Federal Government? | show 🗑
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| show | Branch of the U.S Treasury in charge of collecting taxes.
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| Disposable Personal Income (DPI) | show 🗑
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| Losses and Business Failures | show 🗑
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| show | An association of all workers in the same industry regardless of the job each worker performs.
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| Modified Union Shop | show 🗑
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| Theory of Negotiated Wages | show 🗑
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| show | Producers will increase production.
i.e. if more of a product/service is needed, producers will meet the need by increasing the availabilty of that product or service.
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| show | Increase personal income, increase spending, and economic growth.
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| Inflation | show 🗑
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| show | Condition that results from society not having enough resources to producs all the things that people would like to have.
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| Scarcity Partnership | show 🗑
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| show | A voluntary association of people formed to carry on some kind of economic activity that will benefit its members.
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| When the government funds a project that creates jobs, it does what? | show 🗑
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| show | People face these or alternative choices when they make an economic decision.
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| show | The loss of potential gain from other alternatives when one alternative is chosen.
i.e. if you stay home to study for an exam, you may miss out on other events.
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| Marginal Utility | show 🗑
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| show | The philosophy that states that the government should not interfere with commerce or trade.
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| Fixed Cost | show 🗑
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| Comparative Advantage | show 🗑
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| Law of Comparative Advantage | show 🗑
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| show | The annual plan outlining proposed revenues and expenditures for the coming year prepared by the federal government.
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| show | Bond issused by the state and local governments.
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| show | Created a beneficiary who receives the benefits (such as assets, income, etc) from the trust.
The fund can contain nearly any assets imaginable, including stocks, cash, bonds, property, or other types of financial assets.
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| show | The curve that shows how much of the actual distribution of income varies from an equal distribution.
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| Commodity Money | show 🗑
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| When will income and living standards of a nation increase? | show 🗑
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| show | Characterized by a large number of informed, independent buyers and sellers who exchange identical products.
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| Elasticity | show 🗑
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| Demand curve | show 🗑
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| Supply curve | show 🗑
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