Spartans Master Economics-Final Exam Review

Most common form of business organization

Adam Smith's idea that individuals pursuing self-interest benefits the overall society

The study of how we use our limited resources to satisfy unlimited wants and needs

Which of the following would influence SUPPLY?

What type of goods are peanut butter & jelly; steak & potatoes?

Most common market structure that relies on non-price competition like advertising

Utilities like water and natural gas often become what type of market structure?

What determines the market structure for a product/service?

According to the LAW OF SUPPLY, suppliers will produce more IF...

Predictable pattern showing as PRICE INCREASES customers purchase a LESSER quantity

The price of iPhones skyrockets. What happens to the demand for Samsung?

A professional who is licensed to purchase stocks and offer financial advice

OPEC members are interdependently control production. What type of market structure is this?

When a corporation first sells ownership, or STOCK in the company to raise financial capital

Type of unemployment that results from DECREASED DEMAND for goods & services

What controls the monetary system AND serves as the banks' bank?

Stock market in which prices are generally RISING

What happens to the equilibrium price when there is a SURPLUS?

All of the following influence DEMAND EXCEPT

Economic model illustrating opportunity costs and tradeoffs

An issue in market economies is...

Money that is based on a good like gold

Term for LAND, LABOR, CAPITAL, ENTREPRENEURSHIP required to make a product

What can the Federal Reserve do to protect against inflation?

Workers concentrate on a specific task to increase efficiency

What business organization provides limited liability for debt?

All economic systems must answer the following question(s)

What measures inflation?

The fundamental economic problem

What type of tax is the sales tax (8.75% in Erie County)?

Economist who promoted government spending to stimulate the economy or "prime the pump"

Who exerts the most influence through ownership in a corporation?

Money that is issued by government decree

This is the financial cost of borrowing money

What type of tax is the federal income tax?

This is the largest source of revenue for the federal government

Economic system in which GOVERNMENT makes all the economic decisions

Which of the following taxes is based on Adam Smith's ABILITY-TO-PAY principle?

What type of tax funds Medicare and Social Security?

Dollar value of all the goods and services produced within the United States