Economics Review Part 1

What are obstacles that prevent competitors from entering the market?

What is the exchange of goods/services without using money?

What is the goal of the Fed when they lower the discount rate?

In the market of gasoline, which of the following would represent an improvement in technology?

Which economic system makes most of its decisions based on customs and beliefs from the past?

What type of unemployment is the result of workers quitting one job and looking for another?

Which concept shows the flow of money from individuals to businesses and vice versa?

What is the word for a financial gain?

When should an individual continue to consume a good/service in order to maximize satisfaction?

Consumers will drink either cola A or B. Price of A raises, what happens when they buy cola B?

What type of economic system is when there is limited competition?

Which of the following is a barrier to entry in a large monopoly situation?

What is a market in which a single seller has exclusive control over a particular good/service?

What early legislation prevents new monopolies from forming and broke up those that existed?

What is an example of the service industry?

What is a set of moral rules by which a company conducts a business?

Since resources are limited and wants are unlimited, which condition will always exist?

What theory by Adam Smith state that self interest leads people to do what is best for society?

What does it mean if France has a balance of trade deficit?

How is the division of labor described?