Economics Midterm Review

income tax is an example of a 

An advantage to a corporation is

occurs when a person who is actively searching for employment is unable to find work.

Which economic system is C?

government spending on education is an example of

you spend time and money going to a movie, you cannot spend the money on something else

Which economic system is A?

consumer preferences decrease, the demand curve will

the government's main source for revenue is

An disadvantage to a corporation is

The number of consumers increases, the demand curve will

In the resource market

GDP, household income,& business profits fall, while bankruptcies and unemployment rate rise

a company or group of people that can sell stocks to raise capital.

Utilities and water are an example of

large number of firms sell a standardized product and individual seller has no control  price

Social Security is an example of what type of government spending

fundamental economic problem, unlimited human wants in a world of limited resources

government adjusts its spending levels and tax rates to monitor and influence nation's economy

Productivity increases, the supply curve will

simplest business form under which one can operate a business.

right to make choices in the purchase of goods, selling of products

single business where two or more people share ownership.

Which economic system is B?

GDP, household income,& business profits fall, while bankruptcies and unemployment rate rise

sales tax is an example of a 

Tax-fairness rule that people should pay taxes proportionally to what they use

Coke and Pepsi can be considered 

land, labor, capital

In the product market

Price of peanut butter goes up, demand for jelly goes down. Peanut butter and jelly must be