Final Exam Review 1

Trade INTER-Dependence refers to the exchange of goods and services within a single country.

A period of sustained growth in production of goods in a specific period of time.

The % change in the level of prices of goods over a period of time

Any market that does not meet the rigorous standards of the perfectly competitive market is called what?

Sales taxes are imposed on the sale of goods and services.

These are documents businesses use to provide detailed analysis and insights into a specific market or industry.

Monetary policy: is the process of regulating the supply of money.

Intrinsic incentives are externally motivated.

Which is an example of a financial incentive?

Public Sector Organizations are businesses that are owned and operated by the Government.

This a tax imposed on the income earned by individuals, businesses and other entities:

Using false or deceptive tactics to acquire money, investments, or financial resources from individuals & organizations.

________ economic contraction: declining GDP, rising unemployment, and falling asset prices.

Scam where high returns are promised to investors but are paid using the money from new investors, not real profits.

What is the ultimate scarce resource?

What is a negative incentive?

Who is Adam Smith

This agency is responsible for protecting consumers from unfair or deceptive business practices

The worth that a consumer assigns to a product or service based on their view of its benefits and drawbacks and price.

Economic Reports provide data on economic indicators, such as inflation, employment, and consumer spending.

In Microeconomics, if ______________ are going up, it may indicate demand for a particular good/service

What does a rise in unemployment indicate?

These refer to charges imposed by the Government for specific goods or services

_______amount that consumers are willing AND able to purchase at a each price.

New and improved products, processes or organizational forms are examples of "Innovation".

True or false: Competition is beneficial for consumers.

Microeconomics studies the behavior of individual households, firms, and industries.

What is the study of scarcity?

Monopoly has many sellers.

The extent to which consumers are familiar with a brand and can recognize it.

What guides a market economy?

_________ is a severe, long-term downturn in economic activity; a big decrease in output

Trade balance refers to the difference between a country's exports and imports of goods and services.

Scam where participants make money by recruiting others, rather than by selling actual products or services.

Penalties or measures imposed by one country on another country in order to achieve a political or economic goal.

These refer to taxes imposed on the transfer of wealth from a deceased person to their heirs.

A tax imposed by a government on imported or exported goods, usually to protect domestic producers.

__________________ provide financial services, such as banking, lending, and investing.

Non-Profits do not aim to generate profits for its owners, functioning as social charities

Which term describes limited resources?

These refer to the taxes imposed on the ownership of real estate, including land and buildings.

Progressive taxation is a system in which the tax rate increases as the income level of the taxpayer decreases.

Processes to provide individuals with a way to receive compensation for harm caused by a company or organization.

A restriction on the quantity of a good that can be imported or exported within a specific period of time.

Supply curve shows price and quantity.

Fair competition is when companies compete on a level playing field, without engaging in unfair practices.

The illegal use of someone's personal information without consent for fraudulent purposes.

The financial charges imposed by the government to raise revenue are called "Taxes".

Government agency that is responsible for enforcing federal securities laws and regulations.

How do trade associations help industries?

The extent to which one country relies on international trade in relation to its overall economic activity

Online platforms and tools that allow people to create, share, and exchange information and content with others.

Resources are always unlimited.

Seller advertises a product at a low price to attract buyers, but then tries to sell a more expensive product/service.

Choices made by individuals and households when they choose what goods and services to purchase and how much to spend.

Laws, rules and policies to control and influence individuals and businesses:

False Advertising is: Making misleading claims about a product or service in order to deceive or mislead consumers.

The physical, mental, and social effort used to produce goods and services?

What is the Federal Reserve's role?

The process of redirecting resources from one use or sector to another:

True or false: Fiscal policy involves government spending

Who is Adam Smith?

This refer to the ways in which businesses operate: pricing strategies, customer service, product quality etc.

The process of converting raw materials or components into finished goods through labor, machinery, and tools.

Market economies are decentralized.

Perfect Competition is a an "ideal" that does not actually exist.

Attempts to obtain sensitive information, such as usernames, passwords, or credit card details, via email.

This is the process of creating goods or services.

This refers to the use of resources in the most productive way possible.

_________a business that primarily generates profits for its owners or shareholders.

_____________reflects the level of compensation that workers receive for their labor.

What does the supply curve show?

Anti-Malware Software is designed to prevent, detect, and remove malicious software from a computer system.

Guidelines or requirements established to ensure that products, services, and workplaces are safe for individuals.

A nonprofit organization that rates businesses based on their reputation, customer complaints, and other factors.

Your thoughts become words; Words into Actions; Actions into Habits; Habits becomes Character...Character is Destiny!

Who is Adam Smith?

True or false: Specialization increases production

_________ money left over that can be used to invest or start a business.

This refers to the practice of using deceptive or fraudulent tactics to sell products or services over the phone.

What describes when someone is trying to win or be more successful than someone else?

The Stock Market: The amount of money charged for the use of assets ($$).

These taxes are imposed on the production or sale of a specific good or service.

Which economy is based on the way things have been done in the past?

What is equilibrium in a market?

An increase in the productive capacity of an economy over a longer period of time.

Anti-Trust laws aim to promote fair competition and prevent monopolies.

Macro-Economics studies the economy as a whole?

What is an oligopoly?

Documents that provide a summary of an individual's credit history, including their borrowing and repayment behavior.

Consumer education is the process of providing the knowledge, skills, and tools people need to make informed choices.

Opportunity cost is the next-best alternative.

These are professionals who provide guidance and advice on financial matters to individuals or businesses.

True or false: Demand increases with price.

A marketing technique that aims to persuade consumers to buy a product or service.

Subsidies help businesses grow.

 ___________a catastrophic event that is caused by natural phenomena.

Regulations that safeguard customers from fraudulent business practices ensuring fair pricing and safe products.

The SBA is responsible for providing support to __________________ in the US.

This is a financial market where equities are bought and sold.

Who is Adam Smith?

How do financial institutions help?

_______are not affiliated with a government and focused on charitable purposes.

The activities of people traveling to and staying in places outside their usual environment for leisure or business.

Produced by a company providing an overview of its financial performance, operations, & achievements over the past year.

This government agency is responsible for protecting human health and the environment.

Food and Drug Administration is responsible for protecting public health.

Why is economic stabilization important?

This is a measure of the total economic output of a country:

What combines capitalism and socialism?

___________ the basic physical systems, facilities, and services that an economy needs.

The production and trade of fabrics and other related materials.

True or false: High unemployment is good

A platform that provides information, and tools to help manage money and make informed financial choices.

How do low interest rates help an economy grow?

The Law of Demand states:

Which policy involves taxation?

The swap of cultural practices, customs, values, beliefs between different societies.

The practice of providing information about a product, service, or company to consumers, investors, and stakeholders.

What are tax incentives?

Consumer Reviews are opinions written by customers about a product, service, or brand based on personal experience.

What motivates people to work?

________ is the excess of revenue over costs. "What is left over."

This is a registry of telephone numbers in the United States that have requested not to receive telemarketing calls.

Capital Gains Taxes are taxes imposed on the profit realized from the sale of a capital asset.

The Exchange Rate is the value of one currency in terms of another country's currency.

What does a command economy emphasize?

_____________a business that is owned by private individuals, rather than by the government.