Economics Final Review

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

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

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

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

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

What term refers to the costs to enter a market?

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

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

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

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

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

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

Which business organization is the biggest and most complex?

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

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

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

What type of tax applies to goods and services sold?

The government should step in whenever the market _______.

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

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

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

What kind of financial institution is Wells Fargo?

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

In economics, another name for money is ________?

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

Being able to easily transport money is what characteristic?

What market structure has many firms selling IDENTICAL items?

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?

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

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

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

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

Which market structure would a water company NATURALLY fall under?

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

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

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

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

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

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

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

Bartering is an effective economic system.

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

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

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

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

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

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

What term refers to a rise in prices over time?