Economics Final Exam (Part 1)

What factor of production deals with tools, equipment, machinery, and factories used in the production of goods/services

What is the primary way that economic growth is measured?

The condition that results from society not having enough resources to produce all the things people want is known as

This is the study of how people try to satisfy their needs through the careful use of scarce resources.

All of the following are characteristics of successful money EXCEPT

The practice of holding a large number of stocks so that increases in some offset declines in others

Money by government decree is known as

This economic system is most closely associated with economic freedom

In the circular flow model, buisnesses sell their goods and services in the ...

Which of the following C's of credit is this: Ability to repay the debt

The cost of not obtaining the next best alternative due to the choice you made is known as

Used to measure inflation

This economic goal is most associated with a wise use of resources

In the business cycle, this is the period of recovery after a recession or depression.

A product that is used along with another product in the market (ex. chips and salsa)

When the market is down sharply for several months or years in a row, the market is known as___________________.

What are the 4 categories that make up the factors of production?

Tribal societies, usually in rural regions of the world, are mostly associated with this economic system.

The initials TINSTAAFL is an Acronym for

What term refers to the worth that a good has can be expressed in dollars and cents...

If business increased its resources, its production possibilities curve would shift...

Which of the following would be considered a fixed cost when calculating your monthly budget?

What factor could cause demand to decrease?

Which economist believed that private property and profits promote incentive and hard work.

Which of the following C's of credit is this: Lender's assessment of the person's experience repaying debt

A popular economist's model used to illustrate the concept of opportunity cost and trade offs is

The law of demand states that as the price increases

The measurement of how much use and satisfaction a product provides to an individual or society is known as its..

The IRS will directly call you and ask for your personal/financial information over the phone.