A medium of exchange is an?

Instrument used to facilitate sale/purchase/trade of goods.

Define Business Organization.

Collaboration in order to achieve certain commercial goals

Deregulation is the ___ of ___ in a particular industry.

elimination of government power

What is Microeconomics?

The study of individual economic behaviors.

A unit of account is used to measure....

The value or cost of a good or service

Total amount of goods/services available to consumers

If producers supply large quantity of their product but demand for the item is low then....

The price of the product will decrease

To make their products more attractive to particular target market producers use ...

the process of product differentiation

Changing prices to get the most money a person is willing to pay for a product is

A pricing strategy known as Price Discrimination

Which is an example of a financial gain?

A toy company earns 15.3 million from new toy exports

Technical monopoly occurs when ...

a single firm controls necessary manufacturing methods

What is the difference between microeconomics and macroeconomics?

Macro is on a national scale and micro is individual

studbud

Microeconomics

25 termsStudBud Administration625 plays

#economy #specific

Flashcards25 cardsFPractice quizPHost liveL

Questions 25

Answers

1
A medium of exchange is an?
Net profit acquired from trade with national companies
Instrument used to facilitate sale/purchase/trade of goods.
An imposed exchange rate on foreign goods.
A tool used to measure value.
2
Define Business Organization.
Collaboration to create a peaceful work environment
Collaboration in order to achieve certain commercial goals
Collaboration to decide on which products to manufacture
Collaboration in order to determine ladder of command
3
Money is all of the following except...
Store of value
Determinant of demand
Medium of exchange
Unit of account
4
Deregulation is the ___ of ___ in a particular industry.
elimination of government power
opposition of labor unions
regulation of payment
imposition of taxes
5
What is Microeconomics?
A branch of economics that studies national behaviors.
When expenses are less than the income a country receives.
The study of individual economic behaviors.
A measurement of a country's total annual output.
6
A unit of account is used to measure....
The total amount of money paid to banks from interest rates
The value or cost of a good or service
The quantity of resources available to producers
The total amount of an individuals yearly income
7
If there are limited resources and a high demand the price floor will ....
Fall
Fluctuate
Remain the same
Rise
8
Financial gain = ?
Bond
Profit
Stock
Capital
9
What is defined as a consumer's willingness to pay for a specific good/service?
Substitutes
Demand
Profit
Supply
10
Define Supply.
Total amount of goods/services available to consumers
An increase in the amount of capital resources
A decrease in demand
A marketable item
11
If producers supply large quantity of their product but demand for the item is low then....
The price of the product will increase
The price of the product will decrease
The producers will issue a recall
The price of the product will remain the same
12
To make their products more attractive to particular target market producers use ...
the process of deregulation
the process of product differentiation
the process of price discrimination
the process of business organization
13
Changing prices to get the most money a person is willing to pay for a product is
The process of distinguishing a product
An imposition of rules
A pricing strategy known as Price Discrimination
A particular market structure
14
Which is an example of a financial gain?
A toy company earns 15.3 million from new toy exports
A foreign ally bills the U.S. for their services
A small shop files bankruptcy
A person repays money they borrowed from their cousin
15
A shortage is when ___ exceeds ___.
Perfect competition exceeds monopoly
Equilibrium exceeds price floor
Surplus exceeds shortage
Demand exceeds supply
16
A limit on the amount of a good/service the U.S. permits to be imported is known as....
A blockade
A tariff
A precaution
A quota
17
Which type of business has only one owner?
Partnership
Sole proprietorship
Corporation
Monopoly
18
What happens to prices when income increases?
Prices stay the same
Prices do the Cha-Cha
Prices Increase
Prices Decrease
19
Which type of business has 2 or more owners that share accountability?
Corporation
Company
Partnership
Sole Proprietorship
20
Technical monopoly occurs when ...
an unsatisfied consumer reports a hazardous defect
a single firm controls necessary manufacturing methods
a multinational corporation is in charge of production funds
a partnership merges into a corporation
21
Equilibrium is a state in which ____ are ____.
price ceilings are imposed
economics forces are balanced
shortages are sustained
criminals are executed
22
A marketable item produced to satisfy wants and needs is known as ...
A service
A commodity
A complement
A good
23
If consumer's stop buying maple syrup and begin buying cane syrup, the price for maple will...
Fluctuate
Remain the same
Increase
Decrease
24
What is the difference between microeconomics and macroeconomics?
Macro studies foreign business and Micro studies trade
Macro is on a national scale and micro is individual
Macro studies trade and Micro studies GDP
Macro is determined by government spending and Micro isn't
25
A law that states, as the price of a good/service increases, consumer demand will decrease.
Law of Supply
Law of Demand
Determinants of Demand
Store of value

Microeconomics Flashcards | StudBud