Economics Final Review

The act of giving up one benefit in order to gain another, greater benefit.

A person who predicts that prices of stocks will fall; to then buy back later at a lower price.

Which one of these is not a factor of production?

Tax for which the percentage of income paid in taxes increases as income increases.

These are two goods that are bought and used together.

This type of economy is based upon tradition and agriculture.

Which of the following is not part of the money supply (m1)?

Good that a consumer demands more of when their income increases

Tax for which the percentage of income paid in taxes decreases as income increases.

A person who buys shares at the hopes of selling them at a higher price later.

In a supply and demand graph, if the point is below the intersection point then this occurs

Describes a market dominated by a few large, profitable firms.

If there is $25,000 in reserve and the reserve ration is 5% how much money can be withdrawn?

Tax for which the percentage of income paid in taxes remains the same at all income levels.

Goods that are used in the place of another good.

This says that as the want/need for a product increases, then the price will too increase

Maximum price that can legally be charged for a good or service.

This is a type of economy in which both the government and the people own goods and services.

To use resources most efficiently, countries strive for a

A market structure in which many companies sell products that are similar but not identical.

When stock prices in general steadily rise for a period of time then this exists.

This type of economy focuses around voluntary exchange.

In the circular flow diagram, households provide firms with what?

An inelastic demand curve is

An agreement by a formal organization of producers to coordinate prices and production.

Which one of these people would be considered part of the Civilian Labor Force?

When expenditures exceeds revenue.

How can a person increase their human capital?

A "perfect yardstick says"

This is a type of economy where the government has sole control over goods and services.

How many periods are there in a business cycle?

Good that you would by less of or not at all if your income rises 

Competition through physical characteristics.

When revenue exceeds expenditures.

This means to leave the economy alone.

Producers and consumers try produce and buy at this optimal level-

In a supply and demand graph, if the point is above the intersection point then this occurs

An elastic demand curve is

When stock prices steadily fall or stagnate for a period of time this exists.

What category makes up the largest part of GDP?

To bring something into the country

This is an arrangement that allows buyers and sellers to exchange things.

Amount of goods and services in the economy that will be purchased at all price levels.

Which of the following would cause a shift in demand for oranges?

There is no such thing as a free lunch.

In the circular flow model, firms provide households with what?

A graph that shows alternative ways to use an economy's productive resources.

Total amount of goods and services in the economy available at all possible price levels.

Point where supply and demand curve intersect.

Competition is beneficial to whom?