Economics Midterm

Corporations, not owners are responsible for the debts

Promise made by manufacturers to repair or replace faulty products

GDP measures the quality and quantity of products

What term describes the additional benefit you receive?

Financially responsible for ALL debts related to a business

Tangible products like desks and books

Number of goods multiplied by the average price per unit

What helps promote competition?

The supply curve...

What term describes the alternative you face if you decide to do one thing rather than another?

Money can be traded for goods and services

Document from the government granting permission to organize

When the government spends more than they receive they are running on a..

struggle that goes on between buyers and sellers to get the best products for the best price

Who runs the Better Business Bureau?

Revenue that results from selling one more unit of output

Numerical chart that shows the law of supply

Breaking down a job into separate smaller tasks is an example of

Highways, parks, and schools are an example of

Increase in the demand for oreos because the price of milk decreased affects which factor

satisfaction goes down as additional units are consumed

Things needed for survival: food, shelter

Products that can be used in place of each other (hamburger/ chicken)

The higher the sale price, the ______ suppliers are willing to sell

Not for profit financial institution

Economic model used to analyze a decision

Money a person has left over after all taxes have been paid

Extra cost of producing one extra unit

What term is a simplified representation of the real world?

Type of account that receives a higher interest; money cannot be taken early without penalty

Indicates the price of a good is too high

Costs that stay the same every month

Things we would like to have: vacations, designer clothing

Which program provides money to families with a disabled, absent, or diseased parent?

What term describes a situation where we do not have enough resources?

Consumer is the ruler of the market

Primary goal of entrepreneurs is to earn

Which of the following explains why the Vanilla Ice concert tickets are not sold out?

Recycling is an example of what company responsibility

Owners of a corporation

Right to choose a job falls under which section of capitalism?

Graph that shows the amount of products would be supplied at all possible market prices

The supply curve

Third party who helps people reach an agreement (BINDING)

Human physical or mental effort in production

What term refers to the "next best" thing you could be doing?

movement to educate buyers about the purchases they have made

Principle that states quantity demanded and price move in opposite directions

Tools and machinery used in production

Which good is inelastic?

Providing customers with low interest rates is an example of a

Third party who helps people reach an agreement (NOT BINDING)

Government should not interfere in the marketplace

Where does the government receive its revenue?

Payment people receive when lending or allowing someone to use their money

Usefulness or satisfaction a person receives from using a product

Paying taxes twice on corporate profits

Private citizens own most if not all the means of production

Innovative people who create or improve products

What are the four factors of production?

Document from the government granting permission to organize

Not returning an outfit you already wore is an example of

Desire, willingness, and ability to buy goods and services

What term describes the quality of life based on having luxuries and necessities?

Money needed to start or expand a business

Type of good that if the price increases it has little effect on the quantity demanded

Buyers and sellers freely and willingly engaging in market transactions

What is economics considered the science of?

All the activity in a nation that impacts production/distribution and sale of goods/services

One person's demand for a product/service

Costs that change every month

Products that are used together are called ( peanut butter & jelly)

Type of good that if the price changes it impacts the quantity demanded