EOC- CFE Review Game updated 12-6-2017

The picture is the Mid-Point or standard formula for Price Elasticity of Demand?

If demand is constant and supply decreases, price wil

Rent control is an example of a price ceiling.

Which would be the ideal buy price?

Which price would be the ideal sale price?

Stock quote: High / Low represents the

What is the invisible hand? 

A change in quantity supplied results from

Horizontal merger is joining two or more companies competing in the same market. 

Competition is a

Substitution effect,buy less of goods at higher price and more of other low cost goods.

Communism (government control) is combined with a centrally planned command economy.

Economic efficiency is

____________ Fiscal Policy increases government spending and lowers taxes. 

A price floor = highest price a good can sell for, below the equilibrium / market price.

Monopoly is a single seller market, high barriers to entry, seller has complete price control.

A savings account that limits withdrawals to 6 a year and pays a higher interest rate is

The study of how people satisfy their needs and wants is ?

What is the least risky investment?

The factor of production that receives the payment of rent/ lease is

The person who uses land, labor, captial, and their own personal skill in business is 

If demand increases and supply is constant, price will

Structural, frictional, cyclical, are types of unemployment.

The determinants of supply are changes in resource prices, technology, taxes and subsidies,...?

The factor of production that receives the payment of wages and salary is 

Vertical merger is joining two or more companies together with complimentary resources.

Demand is the desire and ability to purchase something.

(Q2-Q1)/[(Q2 + Q1)/2 / (P2+P1)/[(P1 + P2)/2]= PED using Mid-point or standard formula? 

A bond is

Demand schedule is a table of prices and quantities of goods.

A change in quantity demanded occurs because of a change in_________.

Goals and values of the United States economy are

Supply changes occur from subsidies, technology,resource costs, taxes,regulation.

Money is anything that represents value and a medium of exchange.

Coffee and doughnuts are ______________ goods?

What does this picture reference?

Economic growth is 

The determinant of demand are

Coffee and tea are _________ goods?

Incentives are

The advantages of a free market are

Scarcity is defined as?

As more workers are added, greater production occurs is called increasing marginal returns. 

Fixed cost of production are rent, taxes, salaries.

If demand is constant and supply increases, price will

52-Week High and Low –

The factor of production that receives the payment of interest is 

Microeconomics study economy as a whole,macroeconomics study economic behavior of household.

The profit a person receives from selling stock is called a _________?

As more workers are added, less production occurs is called increasing marginal returns.

If demand decreases and supply is constant, price will

GDP (Gross domestic product) total $ value of all goods and services sold in a year.

A __________tax requires percentage paid in tax decreases as earned income increases.

Marginal cost is the cost of producing one additional product.

A recession is more than two months consecutive contraction of GDP.

A good or service that is life sustaining is a

The two markets in the circular flow model are the?

Multinational is a corporation operating in more than one country.

Type of business expense where the owners are liable for the debts owed by the business

 This a business or organization owned by and operated for the benefit of the user-owners

A _____________tax requires every income earner to pay the same percentage tax on their income.

Corporation is stock holder owned, limited liability, legal entity (individual identity). 

A group of buyers and sellers looking to gain maximum utility from producing and consuming?

A good or service that is not a necessity is a

Perfect competition: many buyers and sellers, identical products, informed buyers and sellers.

By moving factors of production from one good to another, the cost of the second item increases

Real GDP is adjusted for inflation. Nominal GDP is not.

A point on the production possibilities curve represents

Contractionary fiscal policy consists of

Income, taste, expectations, population,and related goods prices cause a change in demand.

Using the Consumer Price index, a market basket of goods can be compared to predict inflation

Guns and butter refers to which trade-offs?

What is opportunity cost?

free markets to regulate themselves by competition, supply, demand, and self-interest.

Minimum wage is an example of a price floor.

Typically a person will spend between ________% of their net monthly income on housing.

The three basic economic questions are? 

The flow of money from the bank to the business represents  

Diversification; investing money in different places to minimize risk and maximize gain. 

A ___________ tax requires a percentage of income tax increase with increases in income levels.

Investing; directing financial assets into profitable stock, bonds, mutual funds, and futures.

The glass ceiling,an unofficial, invisible barrier limiting people from advancing in business. 

The flow of money in the product market goes from the _______ to _______.

A change in demand occurs because of a change in _________.

All opportunities given up to pursue an activity are?

A company where owners are not liable personally (seizure of assets) for the company's debts.

The human resources, natural resources, and capital resources are  

As more workers are added, quantity of products produced decreases, diminshed marginal returns.

As more workers are added, fewer products are produced this is increased marginal returns.

The dollar value of all final goods and service produced in a given year is GDP. C+I_g+G+ X_n

How does a traditional economic system answers the three basic economic questions.? 

An increase in supply is depicted with a shift of the supply curve to

Socialism favors democratic means to  provide political and economic equality.

A shortage occurs when the quantity supplied is less than the quantity demanded at a price. 

How does a mixed economic system answers the three basic economic questions. 

Using a decision making grid helps when making a choice by enabling cost and benefit analysis?

Variable cost of production are resource prices, electricity, and labor costs.

Expansion, peak, contraction, trough, and recovery (expansion) comprise the business cycle.

An activity performed by someone for someone for a fee, commission, or payment is a 

An internal tax imposed on the producer,seller, & consumer of products or services. (alcohol)

The large number represents the

L.of Demand,increase price result decrease purchases, decrease price causes increase purchases.

Monopolistic competition has many firms, few barriers, some price control, different products. 

The most important characteristics of an open market are?

The factor of production represented by natural resources. ( property, livestock, water, & oil)

A shortage occurs when the quantity supplied is less than the quantity demanded at a price. 

Oligopoly is a market few firms, high startup cost (barriers), significant control over price.

a financial market of a group of securities in which prices are rising or are expected to rise.

Rule of 72 states that if your divide the interest rate by 72 it will show for an investment?

Who was Adam Smith?

Public water, electrical, cable tv, trash pick up are examples of natural monopoly.

A product that is a necessity or a luxury that satisfies a need or a want is a  

a market condition in which securities / stock prices fall and confidence declines.

As price increases, quantity supplied increases.

Three types of economic systems

Sole proprietorship; one owner, unlimited liability, total profit, full control of business.

A mutual fund is

Economic freedom is

A depression (trough) lasts _______. High unemployment,drop credit, low output, bankruptcy

A ___is a corporation made up of different, unrelated businesses. Controlled by one business.

Disadvantages of a free market economy

The flow of money in the resource market goes from the ______ to the ______?

Expansionary monetary policy consists of the FED

How does a command economic system answers the three basic economic questions?

The intersection of the demand and supply curve represents