Economics Final Review

The ability (of money) to purchase goods and services:

The regular payment a person makes to their insurance company:

The knowledge or skills that a person gains through education and experience:

Which of the following is one of the definitions of “scarce”?

In Economics, what is the term used for "happiness" or "satisfaction"?

About what percentage of U.S. income is earned by the lowest quintile?

In this graph, what happens to Equilibrium Price and Equilibrium Quantity?

What type of graph is this?

Unemployment that occurs when people are searching for their next job:

Market Structure: Many firms, identical products, no ability to control price

The APR on a credit card tells you:

A collection of 30 major companies that gives an idea of how the stock market is performing:

A general increase in prices:

The "next best choice" you sacrifice when you make a decision is called:

Which of the following is NOT a situation that causes inflation?

A person's income before any taxes are paid:

Economic system that relies on the government AND consumers to answer the 3 Economic Questions:

To understand the effects of inflation, one must look at the relationship between:

The maximum amount a person is allowed to spend on their credit card is called the:

Number of hours a student is expected to spend on homework outside of class (per credit hour)

All human-made resources used to produce a good or service:

This program helps support Americans who have already retired:

Unemployment that occurs as a result of harvest schedules, or when an industry slows down

A business owned and managed by one person:

Unemployment that occurs because of economic downturns

The percentage of people living in poverty is expressed using the:

You can use money as a "middle man" to trade goods and services. This is its use as a...

A business owned by two or more persons who agree to divide responsibility and profit:

When the stock market declines steadily over time:

A legal entity owned by individual stockholders:

Market Structure: Many firms, fairly similar products, some control over price

Economic System that relies only on the government to answer the 3 Economic Questions:

A measurement used by the government to measure the price changes of consumer goods over time:

If someone falls below this income level, they have insufficient income to support themselves:

Which of the following is NOT one of the 3 Economic Questions?

What does this graph show?

Unemployment that occurs when the skills a worker possesses are not in demand by employers

About what percentage of U.S. income is earned by the highest quintile?

A dollar will generally keep the same value over time. This is an example of money’s use as a

Economic System that relies only on the consumer to answer the 3 Economic Questions:

The number of credit hours a person must take to be a "full-time" college student:

What does the graph show?

Which of the following is NOT one of the factors of production?

The amount a person must pay before their insurance will cover any expenses:

What type of graph is this?

Market Structure: One firm, Unique product, Complete control over price

The human effort used to produce a good or service:

All  natural resources use to produce a good or service:

A tax on the sale of stock or other investments:

On a credit card agreement, what does "APR" stand for?

You can use money to compare the value of goods and services. This is is money's use as a

Which is NOT one of the 3 uses of money?

What type of graph is this?

How a society answers the 3 Economic Questions will determine what type of ______ it has.

Which of the following is NOT one of the 5 C's of credit?

The process through which we weigh the gains and losses of a choice:

On this graph, what happens to Equilibrium Price and Equilibrium Quantity?