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Economics final
Economics final
40 terms
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33 plays
Economics
Flashcards
40 cards
F
Practice quiz
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Host live
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Questions
40
Answers
1
business organization that requires ownership to split profits & allows them to share responsib
Sole proprietorship
Franchise
Corporation
Partnership
2
Profit incentive is an important part
Market
Traditional
Mixed
Command
3
Individuals who own the factors of production & make decisions how to use them
Supply
Free enterprise
Entrepreneur
Corporation
4
Labor, land, capitol, entrepreneurship
Factors of production
Market
GDP
Mixed
5
Many #s of firms, product difference, undifferentiated entering/ existing is relatively easy
Oligopoly
Perfect competition
Imperfect competition
Monopoly
6
All combinations of goods and services that can be produced from a fixed amount of resources
Supply
Production possibilities
Complement
Partnership
7
Highly differentiated goods, control over the price, difficult to enter the market
Monopoly
Perfect competition
Imperfect competition
Oligopoly
8
The most respected stock exchange in the world
NASDAQ
Dow Jones
Sec
NYSE
9
security exchange commission: it’s principal function is to supervise the security-industry
Sec
Dow Jones
Nasdaq
NYSE
10
Only one supplier in the industry
Oligopoly
Imperfect competition
Perfect competition
Monopoly
11
A good that can be used in price of another good
Supply
Substitute
Complement
Interest
12
Limited resource, unlimited wants
Stock
Interest
Demand
Scarcity
13
What are 2 of the 4 causes of shift in demand curve
Increase in demand
Change in people’s incomes
Change in people’s expectations
decrease in demand
14
US is an example of this economic system
Command
traditional
Mixed
Market
15
Most prevalent firm of competition in USA Today
Monopoly
Imperfect competition
Perfect competition
Oligopoly
16
All possible quantities of goods provided by producers at every possible price
Supply
GDP
Saving
Scarcity
17
Economic system that is based on family tradition
Traditional
Market
Command
Mixed
18
Person who takes risks in business to create something new
Entrepreneur
Bond
Stock
GDP
19
All possible quantities of production to be consumed at every possible price
Stock
Trade off
Demand
Bond
20
A good that is used with another good
Complement
Substitute
Franchise
Demand
21
Stock exchange that is entirely electronic with no face to face trading
Dow Jones
NYSE
NASDAQ
SEC
22
What are the 3 conditions that cause a shift in supply
Changes in technology
Change in people’s income
Production costs
Change in the price of related goods
23
What is an example of a national economic goal
Equity
Stability
Efficiency
Full employment
24
Value of the best alternative
Opportunity cost
Interest
Economics
Trade off
25
Exchanging the use of one thing for another
Bond
Trade off
Free enterprise
Saving
26
Study of choices
stock
Opportunity cost
Economics
Scarcity
27
what are the 3 basic economic questions?
How will the nation produce its good
Who will receive what the nation produces
How long will it take to produce
What will the nation produce
28
Amount of $ earned in an investment be used later
Stick
Corporation
Interest
GDP
29
Share ownership of a company
Stock
Franchise
Supply
Partnership
30
Business organization owned by an individual
Sole proprietorship
Partnership
Franchise
Corporation
31
License to operate an individual owned business as part of a large chain of stores
Corporation
Franchise
Partnership
Sole proprietorship
32
Independent agency created by the US
FDIC
Nasdaq
NYSE
Sec
33
What are 2 of the 4 conditions That lead to change in demand
Change in demand
change in the price of related goods
Change in quantity demanded
Change in people’s tastes & preferences
34
Business organization where owners own shares of business
Franchise
Partnership
Corporation
Sole proprietorship
35
Non used income for a period of time
Demand
Bond
Saving
Supply
36
Economic system where the govt controls factors of production
Mixed
Command
Traditional
Market
37
Total value of all goods & services produced in a country in a year
Mixed
Factors of production
GDP
Market
38
Idea that as you acquire more units of goods, the satisfaction you receive
Stock
Supply
Law of diminishing marginal utility
Factors of production
39
A stock index published by investment company
NYSE
Dow Jones
Sec
Nasdaq
40
Certifies issue by the govt or a company in exchange for $ borrowed
Corporation
Substitute
Bond
Sole proprietorship
