Spartans Master Economics-Final Exam Review

The price of iPhones skyrockets. What happens to the demand for Samsung?

What can the Federal Reserve do to protect against inflation?

This is the largest source of revenue for the federal government

What business organization provides limited liability for debt?

Adam Smith's idea that individuals pursuing self-interest benefits the overall society

The fundamental economic problem

A professional who is licensed to purchase stocks and offer financial advice

Money that is based on a good like gold

What type of tax funds Medicare and Social Security?

Dollar value of all the goods and services produced within the United States

Most common market structure that relies on non-price competition like advertising

What type of tax is the sales tax (8.75% in Erie County)?

Money that is issued by government decree

Economist who promoted government spending to stimulate the economy or "prime the pump"

What type of goods are peanut butter & jelly; steak & potatoes?

Utilities like water and natural gas often become what type of market structure?

OPEC members are interdependently control production. What type of market structure is this?

What happens to the equilibrium price when there is a SURPLUS?

The study of how we use our limited resources to satisfy unlimited wants and needs

Term for LAND, LABOR, CAPITAL, ENTREPRENEURSHIP required to make a product

When a corporation first sells ownership, or STOCK in the company to raise financial capital

An issue in market economies is...

What determines the market structure for a product/service?

Economic system in which GOVERNMENT makes all the economic decisions

Who exerts the most influence through ownership in a corporation?

Which of the following would influence SUPPLY?

Most common form of business organization

Type of unemployment that results from DECREASED DEMAND for goods & services

All of the following influence DEMAND EXCEPT

All economic systems must answer the following question(s)

According to the LAW OF SUPPLY, suppliers will produce more IF...

Stock market in which prices are generally RISING

Economic model illustrating opportunity costs and tradeoffs

What type of tax is the federal income tax?

What controls the monetary system AND serves as the banks' bank?

Predictable pattern showing as PRICE INCREASES customers purchase a LESSER quantity

Workers concentrate on a specific task to increase efficiency

This is the financial cost of borrowing money

Which of the following taxes is based on Adam Smith's ABILITY-TO-PAY principle?

What measures inflation?