Economics Final Review

The profit-maximizing quantity of output is found where...

Cost-benefit analysis that compares the extra benefits to the extra costs of an action is...

Activity that urges the public not to buy from certain companies is known as...

This is the branch of the Treasury Department in charge of collecting taxes...

A government document granting permission to create a corporation is called...

When interest rates rise, the amount of credit sought after usually...

Exceptions to avoid paying taxes is known as...

Buying 1 drink instead of 2 drinks at lunch time describes what concept?

Gasoline taxes are good examples of...

What type of currency does over half of the European Union use today?

____________ is anything producers use to produce goods and/or services.

Rent payments and property taxes are counted as...

Basic ownership in a corporation that includes voting rights is through...

A 12-month financial planning period that may or may not coincide with a calendar year...

A line-item budget expense that benefits a small group of people is...

Situation where some necessities have little value while non-necessities have higher value is..

Taxes on imports designed to increase their prices in the domestic market...

A situation in which the quantity supplied is greater than the quantity demanded is known as...

When businesses agree to charge the same or similar prices for products this is known as...

The basic problem of economics is...

Economic theory that deals with behavior and decision making by individuals and businesses...

An increase in the price of milk causes a decrease in the demand for cereal. These products are

When analyzing advertisements, you should ask if it...

Government health care for low-income earners is...

Profit is maximized when marginal cost is...

During a period of inflation, the average consumer...

Total costs is the sum of...

An enterprise that does not pay taxes is know as...

A loose-money policy may encourage...

This regulates the sale of stocks in a corporation.

Federal Income Tax is an example of which tax?

Money accepted as payment of public and private debts is known as...

Which type of econ system allows private individuals rights to own the factors of production?

A legal order from a court preventing an activity such as a strike is known as...

The philosophy that government should not interfere with business...

What is the most common form of business organizations in the U.S.?

The lowest legal price that can be paid for a product is known as...

Small loans made to mostly women for projects to generate income is known as...

The use of science to develop new products and methods is called...

An invisible barrier that hinders women and minorities...

This is a federal tax used to pay for Social Security and Medicare...

This is the interest rate banks' best customers pay for borrowing money.

Money spent on a DVD is called __________ income.

Economic system that combines command, market, and traditional systems is...

A 3rd party tries to get both union and management to reach an agreement (not binding)...

Factors affecting wages are...

This system breaks down a job into small tasks...

The minimum wage is an example of a federal law that supports...

The most important function of the Federal Reserve is...

An organization working to obtain better wages and working conditions for its members...

Money loses its value when it ...

_______ is the quality of life based on the ownership of things that make life easier.

Who is considered: protector, provider regulator, and consumer in the U.S.?

A situation in which the quantity supplied is equal to the quantity demanded is known as...

A tax levied on most consumer purchases is...

Exceptionally risky bonds are known as...

The renewable resources that contributes most to our energy today is...

Companies issue stocks in order to...

In a pure market economy, producers of goods/services make decisions based on...

The $ value of all final goods/services produced within a nation's boarders in a year is...

Who does the FDIC protect?

Which is true about REAL GDP...

The following are considered needs EXCEPT...

The maturity of a bond is...

A monopoly based on the absence of other sellers in certain locations is called...

What marked the beginning to the Great Depression in 1929?

A high tax placed on socially undesirable products is...

A system of allocating goods and services without prices is known as...

The census is taken how often?

This is a non-cash charge a business takes for the general wear and tear on its capital goods.

Which of the following is a non-profit business?

A business cost that does not change even if there is little or no activity is known as...

This money has value only because of government order...

Act of buyers and sellers engaging in market transactions is known as...

There are 5 factors of production:  Land, Labor, ___________, Entrepreneurship, and Technology.

The purchase of one corporation of another is called...

4 broad categories of unemployment are cyclical, structural, seasonal and _______.

The ability to start a new business is called...

An economy with high unemployment and acute shortages is known as...

Amount of a product that could be bought at all possible prices in a market is known as...

A trade-off for investing in real estate would be...

Stocks represent ___________ while bonds represent ____________.

ALL activity in regards to producing goods and services in a nation represent its...

The largest source of revenue for states is...

The gift tax is used to prevent people from avoiding the...

Money paid for the use of another's money is...

Electronic business or exchange conducted over the internet is known as...

Costs for electricity, shipping, and labor are examples of...

A method management uses against striking employees is...

Which of the following conditions is characteristic of a healthy economy...

Process where unions and management meet to negotiate conditions of employment...

In a command economic system, major economic decisions are made by...

_______ is a partial refund of the original price of a product.

A non-bank financial institution that specializes in making loans directly to consumers is...

A government payment made to encourage or protect a certain type of economic activity is...

Non-profit organizations may...

________ is the desire, ability, and willingness to buy a product.

This cost changes when the business's rate of operation or output changes...

Tobacco and cattle are considered to be what form of money?