Economics Reviews

Risk takers are also called-

settling a labor-management dispute using a 3rd party to decide the issue is

if a product is a normal good, what can cause a shift to the left on a demand curve?

what diagram best demonstrates the characteristics of a free market economy?

All of the following are factors of production EXCEPT

goods whose demand falls as income increases are

All of the following are points on a PPF EXCEPT

The _______ are credited with the development of money.

what is a disadvantage of a sole proprietorship?

money declared by a government is called

states where you do not have to belong to a union to be employed

If Mr. Hoog needs to purchase his inhaler even if the price increases, the medicine is

what is a disadvantage of a partnership?

When considering the Circular Flow diagram, all of the following are parts of it EXCEPT

government might provide this to a company to help ensure competitive product price (milk)

the term that means " all things held constant"

what law describes the idea that producers are only willing to increase Q when price rises

the more degrees or certifications means you can earn more money, this is

M1/M2

to refuse to buy at a particular store or a particular product is called a

"the critical ingrediant is doing something. "  the statement covers what factor of production

banks must keep these on hand to meet the requirments of the Federal Reserve

this is used to create a supply or demand graph

where as a condition of employment you must join a union

Market Economies are usually

a condition where non union employees benefit from union activiites without paying dues

True or False: Utility is the satisfaction you get from using one more part of a product

The head of the Federal Reserve has the _____ to make markets listen when she /he speaks

some monopolies exist as a result of high start up costs; Govt regulates this to ensure quality

If a pizza cafe increases the price of a slice from $1 to $2, what will the consumer do?

serves as the national bank of the US

how does a market economy have an advantage over a command economy?

a stoppage of work

True or False: Consumer income, consumer tastes will not create change in demand

the power of consumers to decide what gets produced is

This notice on a banks door lets you know that deposits are safe in case of a problem

True or False: The stock market is a safe investment for growing money

True or False: Demand is the desire, ability and williingness to purchase a product

business cycles occur in free enterprise systems because

In economic terms, what is capital?

True or False: Prices serve as signals in an economy

What is NOT a characteristic of a perfectly competitive market?

what basic priciples are fundemental to American Free Enterprise?

A concept that means there are costs to every action

We value diamonds more that water