Economics Final Review

What type of tax structure is also known as a flat tax?

Which market structure would a water company NATURALLY fall under?

What economic indicator tracks the price of whole sale items and raw materials for businesses?

What term refers to the mandatory payments collected by local, state, and federal governments?

What is the name of the free trade institution that established the Euro?

If you are only moving up and down a demand curve, this shows a change in what?

In economics, another name for money is ________?

What would happen to the demand curve for used vehicles, if consumers received a general increase in income?

What is it called when a third party is affected by a transaction?

What is the unit that represents a "part" of a company.

Bartering is an effective economic system.

A house built in 1988, sold in 1994, and sold again in 2020 counts as a part of what years GDP?

A __________ is a maximum price for a good or service that can legally be charged, often imposed by the government.

A person working the drive thru window at Chick Fil A is what FOP?

Stay at home parents are NOT included in the unemployment rate.

Being able to easily transport money is what characteristic?

Early in US history, what caused the most debt for government?

A new chemical process makes producing medicine easier for companies. How does the supply and demand graph change?

This term refers to the type of good that goes into a finished product. (ex. an engine in a car)

What is it called when everyone rushes to the bank to withdraw all of their money?

What type of economic system abolishes private property and utilizes a command economy?

Its 1998, the Gameboy Color has come out, and every kid in America wants it. How does the supply and demand graph change

In a loan, what is the amount you borrowed called?

What market structure is best represented by the insulin market in the US?

What term refers to when government spending is larger than revenue collecting?

What is all of the currency and other liquid instruments in a country's economy?

What type of tax applies to goods and services sold?

What term refers to planning out income and expenditure in a set period of time?

What is it called when two nations ramp up trade barriers between each other?

Which stock index averages the 30 largest companies in the United States?

What type of organization is a collection of lawyers who try to raise worker wages and benefits?

What term refers to the amount of depositor money banks must keep on hand by law?

What is it called when a country is best at producing everything?

Due to an increase in the cost of produce, what will happen to the supply of food at a restaurant?

Mr. Ceb loves the United States Senate. He especially loves how inefficiently it runs.

Which business organization is the biggest and most complex?

What kind of financial institution is Wells Fargo?

What term refers to government spending and revenue collecting to influence the economy?

A good that is often used with another good is an example of what?

What term refers to a rise in prices over time?

What is the single worst thing you can do to hurt your credit score?

This type of market structure is noted for the highest amount of buyers and sellers.

What type of tax provides half of the US government's revenue?

What term refers to the costs to enter a market?

A factory produces smog that hangs over a city. What type of externality is this?

What is it called when a country puts up trade barriers that either eliminate trade or make it more costly?

What kind of debt is considered the worst debt you can possibly have?

What market structure has many firms selling IDENTICAL items?

The government should step in whenever the market _______.