Economics Final Review

This is a non-cash charge a business takes for the general wear and tear on its capital goods.

Buying 1 drink instead of 2 drinks at lunch time describes what concept?

A high tax placed on socially undesirable products is...

Process where unions and management meet to negotiate conditions of employment...

Stocks represent ___________ while bonds represent ____________.

The use of science to develop new products and methods is called...

Money loses its value when it ...

This regulates the sale of stocks in a corporation.

Companies issue stocks in order to...

____________ is anything producers use to produce goods and/or services.

A tax levied on most consumer purchases is...

Amount of a product that could be bought at all possible prices in a market is known as...

A method management uses against striking employees is...

Which of the following conditions is characteristic of a healthy economy...

The lowest legal price that can be paid for a product is known as...

The ability to start a new business is called...

A situation in which the quantity supplied is equal to the quantity demanded is known as...

Tobacco and cattle are considered to be what form of money?

Non-profit organizations may...

Rent payments and property taxes are counted as...

A government payment made to encourage or protect a certain type of economic activity is...

_______ is the quality of life based on the ownership of things that make life easier.

The following are considered needs EXCEPT...

During a period of inflation, the average consumer...

Who is considered: protector, provider regulator, and consumer in the U.S.?

Act of buyers and sellers engaging in market transactions is known as...

A 12-month financial planning period that may or may not coincide with a calendar year...

Which type of econ system allows private individuals rights to own the factors of production?

The philosophy that government should not interfere with business...

This is the branch of the Treasury Department in charge of collecting taxes...

What marked the beginning to the Great Depression in 1929?

An invisible barrier that hinders women and minorities...

What type of currency does over half of the European Union use today?

Cost-benefit analysis that compares the extra benefits to the extra costs of an action is...

Taxes on imports designed to increase their prices in the domestic market...

Gasoline taxes are good examples of...

The census is taken how often?

Which of the following is a non-profit business?

A legal order from a court preventing an activity such as a strike is known as...

The most important function of the Federal Reserve is...

ALL activity in regards to producing goods and services in a nation represent its...

An economy with high unemployment and acute shortages is known as...

A non-bank financial institution that specializes in making loans directly to consumers is...

This money has value only because of government order...

When interest rates rise, the amount of credit sought after usually...

Costs for electricity, shipping, and labor are examples of...

The profit-maximizing quantity of output is found where...

A situation in which the quantity supplied is greater than the quantity demanded is known as...

Total costs is the sum of...

This is a federal tax used to pay for Social Security and Medicare...

There are 5 factors of production:  Land, Labor, ___________, Entrepreneurship, and Technology.

A line-item budget expense that benefits a small group of people is...

What is the most common form of business organizations in the U.S.?

This is the interest rate banks' best customers pay for borrowing money.

Exceptionally risky bonds are known as...

Federal Income Tax is an example of which tax?

An organization working to obtain better wages and working conditions for its members...

A 3rd party tries to get both union and management to reach an agreement (not binding)...

The maturity of a bond is...

Government health care for low-income earners is...

A trade-off for investing in real estate would be...

The gift tax is used to prevent people from avoiding the...

The minimum wage is an example of a federal law that supports...

In a command economic system, major economic decisions are made by...

A loose-money policy may encourage...

The basic problem of economics is...

This cost changes when the business's rate of operation or output changes...

The renewable resources that contributes most to our energy today is...

________ is the desire, ability, and willingness to buy a product.

_______ is a partial refund of the original price of a product.

The $ value of all final goods/services produced within a nation's boarders in a year is...

Small loans made to mostly women for projects to generate income is known as...

This system breaks down a job into small tasks...

An enterprise that does not pay taxes is know as...

Economic theory that deals with behavior and decision making by individuals and businesses...

The purchase of one corporation of another is called...

In a pure market economy, producers of goods/services make decisions based on...

Situation where some necessities have little value while non-necessities have higher value is..

Economic system that combines command, market, and traditional systems is...

A system of allocating goods and services without prices is known as...

Profit is maximized when marginal cost is...

Which is true about REAL GDP...

Factors affecting wages are...

4 broad categories of unemployment are cyclical, structural, seasonal and _______.

When businesses agree to charge the same or similar prices for products this is known as...

Exceptions to avoid paying taxes is known as...

Who does the FDIC protect?

An increase in the price of milk causes a decrease in the demand for cereal. These products are

Electronic business or exchange conducted over the internet is known as...

Money paid for the use of another's money is...

A government document granting permission to create a corporation is called...

A monopoly based on the absence of other sellers in certain locations is called...

Activity that urges the public not to buy from certain companies is known as...

When analyzing advertisements, you should ask if it...

Money spent on a DVD is called __________ income.

A business cost that does not change even if there is little or no activity is known as...

Basic ownership in a corporation that includes voting rights is through...

Money accepted as payment of public and private debts is known as...

The largest source of revenue for states is...