Economics Final Review

What term refers to planning out income and expenditure in a set period of time?

A person working the drive thru window at Chick Fil A is what FOP?

What term refers to the costs to enter a market?

A house built in 1988, sold in 1994, and sold again in 2020 counts as a part of what years GDP?

Which stock index averages the 30 largest companies in the United States?

In economics, another name for money is ________?

What term refers to a rise in prices over time?

What market structure is best represented by the insulin market in the US?

What is the unit that represents a "part" of a company.

What type of tax structure is also known as a flat tax?

What is it called when a third party is affected by a transaction?

What type of tax applies to goods and services sold?

What term refers to the amount of depositor money banks must keep on hand by law?

What is it called when a country puts up trade barriers that either eliminate trade or make it more costly?

Bartering is an effective economic system.

What term refers to government spending and revenue collecting to influence the economy?

What term refers to when government spending is larger than revenue collecting?

What type of tax provides half of the US government's revenue?

A __________ is a maximum price for a good or service that can legally be charged, often imposed by the government.

Mr. Ceb loves the United States Senate. He especially loves how inefficiently it runs.

What economic indicator tracks the price of whole sale items and raw materials for businesses?

Early in US history, what caused the most debt for government?

This term refers to the type of good that goes into a finished product. (ex. an engine in a car)

Which business organization is the biggest and most complex?

A factory produces smog that hangs over a city. What type of externality is this?

What is the name of the free trade institution that established the Euro?

What kind of debt is considered the worst debt you can possibly have?

This type of market structure is noted for the highest amount of buyers and sellers.

Which market structure would a water company NATURALLY fall under?

What would happen to the demand curve for used vehicles, if consumers received a general increase in income?

What market structure has many firms selling IDENTICAL items?

Stay at home parents are NOT included in the unemployment rate.

What is it called when two nations ramp up trade barriers between each other?

What term refers to the mandatory payments collected by local, state, and federal governments?

What is the single worst thing you can do to hurt your credit score?

Its 1998, the Gameboy Color has come out, and every kid in America wants it. How does the supply and demand graph change

In a loan, what is the amount you borrowed called?

Due to an increase in the cost of produce, what will happen to the supply of food at a restaurant?

What is it called when everyone rushes to the bank to withdraw all of their money?

If you are only moving up and down a demand curve, this shows a change in what?

What is it called when a country is best at producing everything?

A new chemical process makes producing medicine easier for companies. How does the supply and demand graph change?

What type of organization is a collection of lawyers who try to raise worker wages and benefits?

What kind of financial institution is Wells Fargo?

A good that is often used with another good is an example of what?

What type of economic system abolishes private property and utilizes a command economy?

Being able to easily transport money is what characteristic?

The government should step in whenever the market _______.

What is all of the currency and other liquid instruments in a country's economy?