Microeconomics Final Review 2017-2018

All of the following could lead to bad credit EXCEPT

Variable Costs are costs that occur no matter what

This institution is responsible for the printing of U.S. money, and funds the Government

In a Command Economy, the ruling class is on the same economic level as the regular citizens

Economic goal which emphasizes the maximum benefit or output for the least amount of resources

Example of a Command Economy:

Credit Debt is also known as

Represents how goods, services, and money move through our economy

Equilibrium Quantity = When Quantity supplied equals Quantity Purchased

The Civilian Labor Force includes:

When a firm has a shortage, they should ___ the price of that good

Microeconomics involves economic interactions between:

A surplus tells a firm they need to ___ their prices

Competitive markets DO NOT allocate resources efficiently

If a price is above the equilibrium price, that price will cause a ___

A Demand curve slopes ____ and a Supply curve slopes ____

The US government does all of these EXCEPT ___ to ensure competition in the US economy

A product purchased by an individual that is meant to be consumed personally

which is NOT one of the 3 questions an economic system must answer?

A mutual fund is a _____

Law of Demand:

Strategy used by management to force workers to work at the contract management wants

Level of use/satisfaction a consumer gets from a product

The main incentive used by the US Government to motivate businesses/individuals

All of the following would improve your credit score except....

All are factors of production EXCEPT:

An advantage of a sole proprietorship is __

Extra Output created by adding one more unit of variable input

A charter is required to start a __

Union clash between miners and management in Colorado that ended in 53 people dead

With Supply staying the same, if Demand goes up, the price will go

Act as consumers in the Circular Flow Model

A Credit score above ____ would get you the best interest rates

Profit off of an investment =

An example of some with a "Professional" Labor job

If an item is needed immediately and there are not many substitutes, the demand is often:

When quantity supplied = quantity demanded

Each of these is a retirement plan EXCEPT

The idea that each additional purchase of a good or service will be less satisfying

Law of Supply:

Costs that occur with little to no activity by the firm

Amount of an item that buyers are willing and able to purchase at any and all prices

Choice made at the expense of another

A ____ is basically an IOU that is given to someone that invest in the government or a firm

If Demand is Price Elastic, then:

Early Unions developed out of a need for

A dividend is a retirement account that utilizes both stock and bonds in the portfolio

In a command economy, scarcity is addressed through:

Government bonds are the riskiest investment you can make

The Basic economic problem