CIA4U Review Terms Eco 11

Products that are used up the more they are consumed and as such must readily be replaced

The market structure that has only 1 producer

Total Revenue

The price of bananas is 10% lower than last year and sales are higher than last year. Cause?

Which item tends to be the most elastic

Percent change in price brings about an equal percent change in quantity demanded

The elasticity of the supply graph is said to be

Identify the type of elasticity depicted

Costs that are the same no matter how many units of a good are produced (salaries, rent)

This major economic event occurred on October 29, 1929

Successful price fixing requires the control of this

Utility in economics can best be translated to mean

The economic term for wanting something but not being able to purchase it when made available

The concept that consumers rule the market place based on their demand for goods and services

A formal organization of producers that agree to coordinate prices and production

The soft drink industry and gasoline stations in Canada fall under this market structure

A maximum price that can be legally charged for a good or service. Example: rent controls

The general rise in prices

Price of oranges is 5% higher than last year and sales are also higher than last year. Cause?

The opportunity cost of making the first 17 hockey sticks

HST stands for

Society demands 10 cars, 5 are built at a cost of $17 each. This is

The opportunity cost of the fifth baseball bat is

Profit Formula

A stock market with declining stock prices

The general increase in the cost of goods and services is referred to as

The 3 economic inputs

When one country prohibits trade with another country it has a disagreement with

The most commonly used definition of productivity is

The increase in total cost that arises from an extra unit of production

The market system where 2 to 4 firms control at least 50% of the market share

3 aspects of Canada's Welfare System

When owners stop workers from working after their contract has ended this is referred to as

The economic problem in one word

Economics is best defined as the study of

How much of a good or service a producer is willing and able to produce at different prices.

Which is the best description of the opportunity cost of a $750 winter jacket?

Which one of the following is incorrect as applied to perfect competition

What you must give up of one item to produce more of another

Distribution of earnings to shareholders by way of a cheque for each share that they own

The more units you produce, the lower the cost per unit. This concept refers to

When demand drops but supply drops even more this is what usually happens to price

The satisfaction or usefulness gained from a product is referred to as this in economics

A minimum price (price floor) set by government . example: minimum wage

The value of output per unit of input is generically referred to as

Borrowing money by using stock you already own as collateral in order to buy more stock

If your inputs decrease the production possibility curve will

If family incomes decreased, the demand curve for restaurant dinners would most likely

Which one of the following items tends to be more inelastic?

If demand stays the same and supply increases this is what most likely will happen to price

How the 3 economic questions are answered by the Mixed System

Stock of an established and historically successful corporation

The price of a product goes down by 15%. If the product is inelastic what change would occur

This Canadian mining company was involved in the greatest mining scandal in history

What does OPEC stand for?

Supply decreases and demand remains the same. What will most likely happen to the price?

When demand increases but supply increases even more this is what usually happens to price

When the government sets a price standard above market equilibrium this is said to be a

Shares that pay a fixed, guaranteed dividend on a regular schedule.

The cost of borrowing money

In perfect competition, an individual seller increases the price of her product. Result?

A certificate of ownership in a corporation

A society requires 100 cars. 105 cars are produced at a cost of $4,000,000,000 per car.

Identify the type of curve

Product differentiation is the item that separates these two market structures

In a market type economic system the three economic questions are decided by

Given the PPC determine which letter combination maximizes the inputs

This economic system is solely run by the state

Which one of the following is true about poverty in Canada

This person is widely regarded as the founding father of modern day economics

Which one could best explain the movement from D to D₁?

The Law of Demand can best be summarized by

Which one of the following is a possible explanation for the movement of S to S₁?

The study of how individual households and firms make decisions and interact in markets

If supply is said to be elastic, then an increase in price would

Goods that are used to produce other goods

Purchasing a stock on credit by putting other stock up as collateral is referred to as

Determine the market price given the demand and supply schedule

Diamonds cost more than water depicts this concept

Identify the concept depicted

The opportunity cost of making four baseball bats is

Which one of the following would not lead to an increase in demand?

Price increases by 31%, if typical demand is elastic it would

The price of goods is the highest when this specific market/business structure is prevalent

In economics (specifically production costs) the word "marginal" refers to

This curve depicts these two items

When buying and selling stock you want to

The exchange for one good or service for another good or service. Money does not exchange hands

The opportunity cost for the second baseball bat is

We demand cars, we really don't demand autoworkers. The demand for autoworkers is said to be

Price decreases by 10%, if supply is inelastic it would

A measure of the responsiveness of quantity demanded or quantity supplied to a change in price

Identify the type of tax

If the price of butter decreased, the demand curve for margarine would

The cost of borrowing money is referred to as

The price of water is 10% lower than last year and sales are lower than last year. The cause?

The economic term for a good that can be used instead of another good i.e. margarine for butter

Economic system where there is no government intervention, all the factors are privately owned

Given the PPC which pair of possibilities includes a combination that cannot be produced

A firm should produce units up to just before

An organized work stoppage intended to force management to address union demands