Cumulative exam on the material covered in Spring Semester
Help!
|
|
||||
|---|---|---|---|---|---|
| Traditional Economy | show 🗑
|
||||
| show | The use of scarce resources is dispersed throughout the society. Economic decisions are made by individuals.
🗑
|
||||
| Command Economy | show 🗑
|
||||
| Mixed Economy | show 🗑
|
||||
| Socialism | show 🗑
|
||||
| Capitalism | show 🗑
|
||||
| Communism | show 🗑
|
||||
| Name 3 examples of command elements in the US economy: | show 🗑
|
||||
| In the circular flow matrix, businesses sell goods and services where? | show 🗑
|
||||
| show | Revenue
🗑
|
||||
| show | Costs
🗑
|
||||
| show | Income
🗑
|
||||
| What is money paid by households for goods and services called? | show 🗑
|
||||
| What kind of income is paid for land? | show 🗑
|
||||
| What kind of income is paid for capital? | show 🗑
|
||||
| What kind of income is paid for labor? | show 🗑
|
||||
| show | Profits
🗑
|
||||
| What is government money given as incentives to businesses called? | show 🗑
|
||||
| What is government money given directly to households called? | show 🗑
|
||||
| What is money given by businesses and households in exchange for public goods? | show 🗑
|
||||
| Monopoly | show 🗑
|
||||
| show | Market structure in which a few very large sellers dominate an industry.
🗑
|
||||
| show | Market structure that has all the conditions of perfect competition except identical products.
🗑
|
||||
| show | A market structure characterized by a large number of well informed independent buyers and sellers who exchange identical products.
🗑
|
||||
| Benefits of competition: | show 🗑
|
||||
| show | The resource market
🗑
|
||||
| show | Capable of quick, dramatic change; many basic public services available at little or no direct cost
🗑
|
||||
| show | Does not meet the needs and wants of consumers; Lacks effective incentives to get people to work; Requires large bureaucracy, which consumes resources; Has little flexibility for day to day change; Inefficient allocation of resources
🗑
|
||||
| show | Sets forth clear economic roles for all members of the community; stable, predictable, and continuous life
🗑
|
||||
| show | Discourages new ideas; Stagnation and lack of progress; Lower standards of living
🗑
|
||||
| Advantages of market economies: | show 🗑
|
||||
| Disadvantages of market economies: | show 🗑
|
||||
| Good | show 🗑
|
||||
| show | fundamental economic problem facing all societies that results from a combination of limited resources and people's virtually unlimited wants
🗑
|
||||
| show | social science dealing with the study of how people satisfy seemingly unlimited and competing wants with the careful use of scarce resources
🗑
|
||||
| Need | show 🗑
|
||||
| show | something we would like to have but it is not necessary for survival
🗑
|
||||
| Factors of Production | show 🗑
|
||||
| show | natural resources or "gifts of nature" not created by human effort; one of four factors of production
🗑
|
||||
| show | tools, equipment, and factories used in the production of goods and services; one of four factors of production
🗑
|
||||
| Labor | show 🗑
|
||||
| Entrepreneur | show 🗑
|
||||
| Gross Domestic Product | show 🗑
|
||||
| Service | show 🗑
|
||||
| show | worth of a good or service as determined by the market
🗑
|
||||
| show | apparent contradiction between the high value of a nonessential item and the low value of an essential item
🗑
|
||||
| utility | show 🗑
|
||||
| show | sum of tangible economic goods that are scarce, useful, and transferable from one person to another; excludes services
🗑
|
||||
| Economic Growth | show 🗑
|
||||
| Productivity | show 🗑
|
||||
| show | sum of peoples' skills, abilities, health, and motivation
🗑
|
||||
| Specialization | show 🗑
|
||||
| show | the loss of the next best alternative use of money, time, or resources when one choice is made rather than another
🗑
|
||||
| show | simplified version of a complex concept or behavior expressed in the form of an equation, graph, or illustration
🗑
|
||||
| show | way of thinking that compares the cost of an action to its benefits
🗑
|
||||
| show | quality of life based on ownership of necessities and luxuries that make life easier
🗑
|
||||
| Commodity | show 🗑
|
||||
| show | Kind of money where a paper note can be exchanged at a financial institution for pre-determined amount of valuable goods (i.e. gold, etc...)
🗑
|
||||
| show | Kind of money based on trust in the stability and power of the government that mints currency:
🗑
|
||||
| 1900 | show 🗑
|
||||
| Three basic questions of economics: | show 🗑
|
||||
| show | a persistent, substantial rise in the general level of prices related to an increase in the volume of money and resulting in the loss of value of currency
🗑
|
||||
| show | GDP
🗑
|
||||
| Which measures (roughly) the average wealth of individuals in an economy? | show 🗑
|
||||
| show | Real GDP
🗑
|
||||
| show | 3%
🗑
|
||||
| At 3% inflation prices double every... | show 🗑
|
||||
| What are the 4 pillars of the American Free Enterprise system? | show 🗑
|
||||
| show | imposes the same percentage tax rate on everyone, regardless of income
🗑
|
||||
| Progressive Tax | show 🗑
|
||||
| show | imposes a higher percentage tax rate on lower incomes than higher incomes
🗑
|
||||
| show | Medicare
🗑
|
||||
| Example of Progressive Tax | show 🗑
|
||||
| Example of Regressive Tax | show 🗑
|
||||
| show | Wages, investment interest, lottery winnings, rental income, cash earnings, salary, commissions,
🗑
|
||||
| Name 3 sources of income that are non-taxable | show 🗑
|
||||
| Federal Tax Return Form | show 🗑
|
||||
| New employer tax withholding form | show 🗑
|
||||
| show | W-2
🗑
|
||||
| Retirement account opened by the retiree apart from any employer | show 🗑
|
||||
| Type of retirement account that taxes contributions but not withdrawals | show 🗑
|
||||
| show | Traditional IRA
🗑
|
||||
| show | 401(k)
🗑
|
||||
| show | 403(b)
🗑
|
||||
| Structural | show 🗑
|
||||
| Frictional | show 🗑
|
||||
| Cyclical | show 🗑
|
||||
| show | 3-6%, sum of structural & frictional unemployment (two kinds of unavoidable unemployment)
🗑
|
||||
| show | Great Depression 25.6%
🗑
|
||||
| Name 3 groups of people who aren't considered part of the labor force | show 🗑
|
||||
| What 2 categories of people with major financial needs are not calculated in the unemployment rate? | show 🗑
|
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:
dosselaer
Popular Economics sets