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Economics final
Economics final
40 terms
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33 plays
Economics
Flashcards
40 cards
F
Practice quiz
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Host live
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Questions
40
Answers
1
What are 2 of the 4 conditions That lead to change in demand
Change in demand
Change in quantity demanded
change in the price of related goods
Change in people’s tastes & preferences
2
What is an example of a national economic goal
Full employment
Stability
Equity
Efficiency
3
Exchanging the use of one thing for another
Saving
Bond
Trade off
Free enterprise
4
All combinations of goods and services that can be produced from a fixed amount of resources
Production possibilities
Complement
Supply
Partnership
5
Individuals who own the factors of production & make decisions how to use them
Entrepreneur
Corporation
Supply
Free enterprise
6
Share ownership of a company
Supply
Franchise
Partnership
Stock
7
Non used income for a period of time
Saving
Bond
Demand
Supply
8
A good that can be used in price of another good
Substitute
Supply
Complement
Interest
9
All possible quantities of production to be consumed at every possible price
Bond
Trade off
Demand
Stock
10
What are 2 of the 4 causes of shift in demand curve
Change in people’s incomes
decrease in demand
Increase in demand
Change in people’s expectations
11
Value of the best alternative
Trade off
Economics
Opportunity cost
Interest
12
Only one supplier in the industry
Perfect competition
Imperfect competition
Monopoly
Oligopoly
13
Total value of all goods & services produced in a country in a year
GDP
Mixed
Factors of production
Market
14
Many #s of firms, product difference, undifferentiated entering/ existing is relatively easy
Monopoly
Oligopoly
Perfect competition
Imperfect competition
15
A stock index published by investment company
Sec
Nasdaq
NYSE
Dow Jones
16
security exchange commission: it’s principal function is to supervise the security-industry
Nasdaq
Sec
Dow Jones
NYSE
17
what are the 3 basic economic questions?
Who will receive what the nation produces
What will the nation produce
How will the nation produce its good
How long will it take to produce
18
Study of choices
Scarcity
Opportunity cost
Economics
stock
19
All possible quantities of goods provided by producers at every possible price
GDP
Scarcity
Saving
Supply
20
Highly differentiated goods, control over the price, difficult to enter the market
Oligopoly
Imperfect competition
Perfect competition
Monopoly
21
License to operate an individual owned business as part of a large chain of stores
Sole proprietorship
Partnership
Franchise
Corporation
22
Person who takes risks in business to create something new
Entrepreneur
GDP
Stock
Bond
23
The most respected stock exchange in the world
Dow Jones
NASDAQ
NYSE
Sec
24
Certifies issue by the govt or a company in exchange for $ borrowed
Bond
Sole proprietorship
Substitute
Corporation
25
Amount of $ earned in an investment be used later
Corporation
Interest
Stick
GDP
26
Independent agency created by the US
FDIC
Sec
Nasdaq
NYSE
27
Economic system where the govt controls factors of production
Mixed
Market
Traditional
Command
28
Labor, land, capitol, entrepreneurship
Mixed
GDP
Factors of production
Market
29
Stock exchange that is entirely electronic with no face to face trading
SEC
NYSE
Dow Jones
NASDAQ
30
Economic system that is based on family tradition
Command
Mixed
Traditional
Market
31
Business organization where owners own shares of business
Franchise
Corporation
Sole proprietorship
Partnership
32
Idea that as you acquire more units of goods, the satisfaction you receive
Law of diminishing marginal utility
Stock
Supply
Factors of production
33
Business organization owned by an individual
Franchise
Sole proprietorship
Partnership
Corporation
34
US is an example of this economic system
Market
Mixed
Command
traditional
35
Profit incentive is an important part
Market
Traditional
Mixed
Command
36
business organization that requires ownership to split profits & allows them to share responsib
Corporation
Sole proprietorship
Franchise
Partnership
37
Limited resource, unlimited wants
Interest
Demand
Stock
Scarcity
38
What are the 3 conditions that cause a shift in supply
Change in people’s income
Changes in technology
Change in the price of related goods
Production costs
39
Most prevalent firm of competition in USA Today
Monopoly
Oligopoly
Imperfect competition
Perfect competition
40
A good that is used with another good
Substitute
Complement
Demand
Franchise
