Economics EOC Review 2016

An increase in the $ of jelly will cause the demand for peanut butter to (compliments)

Regulations to keep consumer's safe

The 4 factors of production

(CPI) Consumer Price Index is a measure of what?

An example of a progressive tax is

When imports are higher than exports

What 3 countries are in NAFTA?

The central banks attempt to control the money supply.

The demand curve slopes

The total market value of all final goods and services produced in 1 year.

The value of the next best alternative that one must give up.

When prices increase but total production decreases

The higher the risk of the investment, the higher the rate of return.

The point were buyers and sellers agree on price and quantity

The ability to produce a good/service at a lower opportunity cost than others.

Demand for items for which there are MANY substitutes for?

To halt inflation, the Fed will

What property do you have that the bank could take if you do not pay back a loan.

How do banks make money?

What is an example of a price floor?

To stop inflation from occurring too quickly, the the gov't will (fiscal policy)

If in a recession, the open market operations will

Stopping trade with a nation.

What type of economy has NO gov't involvement?

What type of life insurance is also like a savings account

When making an insurance claim, what do you have to pay first?

What type of unemployment is the worst kind due to lacking the skills for jobs out there?

The minimum type of car insurance one MUST have.

A regressive tax that hurts the poor more than the rich

A limit on the amount of imports that can come in from a nation