stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economics Review Terms for MidTerm Flashcards | StudBud
Explore
/
Economics Review Terms for MidTerm
Economics Review Terms for MidTerm
55 terms
·
StudBud Administration
·
6 plays
A #economics #quiz to #explain #midterm #review
Flashcards
55 cards
F
Practice quiz
P
Host live
L
Questions
55
Answers
1
Zoning Law
law in a city of town that tells you where business & houses
building things
2
Excise Tax
a tax on the imports of goods from other countries
a tax on the production or sale of a good
3
Supply Curve
a measure of the way quantity supplied reacts 2 a change in$
a graph of the # supplied of goods a supplier offers @ many$
4
Business License
authorization to operate a business issued by a local gov't
set up of business
5
Total Cost
the sum of fixed costs plus variable costs
the cost of factors of production
6
Substitutes
services that are used in place of one another
goods that are used in place of one another
7
Demand
desire to own something & ability to pay for it
commanding something to be done
8
Services
going to a hotel
going to the mall
performing an action for another person
the activities that one person performs for another
9
Complements
two goods that are bought & used together
a person who takes the action of being kind
10
Socialism
the belief that wealth should be distributed evenly
the government owns and controls all economic decisions
11
Fringe Benefits
payments to employees other than wages or salaries
ex. health insurance, company car
12
Underutilization
use of fewer resources than an economy is capable of using
limited amounts of good and services
13
Income Effect
shift when a price increase causes income to decline
income going down because of stocks
14
Market Supply Curve
a federal agency that regulates the stock market
graph of the amnt supplied of a good by all @ many prices
15
Entrepreneur
creation of goods and services
self-employed person
a person who owns a company
how to combine resources to create goods and services
16
Inelastic
describes demand that is no very sensitive to price change
someone who is okay with price change
17
Diminishing Marginal Returns
marginal product of labor goes up as # of workers goes down
marginal product of labor goes down as # of workers goes up
18
Economic System
the structure of methods and principles
capitalism, socialism, mixed economy are three types
society uses to produce and distribute goods and services
19
Marginal Cost
the cost of selling one or more good
the cost of producing one or more good
20
Quantity Supplied
the amount of goods that are available
amount a supplier is willing & able 2 produce @ a price
21
S.E.C
a federal agency that regulates the stock market
the government has very little involvement in the economy
22
Product Market
arena of exchange where households purchase goods from firms
the exchange where firms purchase products from households
23
Production Possibilities Curve
a curve
a graph that shows the curve
shows alternative ways to use economy's productive resources
24
Production Possibilities Frontier
the line on the curve
a line on the curve shows the output an economy can produce
25
Communism
the government owns and controls all economic decisions
the belief that wealth should be distributed evenly
26
Household
a person or group of people living in a single residence
a family
27
Elasticity of Demand
consumers reaction to a price change
measurement of how consumers respond to price change
28
Substitution Effect
substitute an item for another item
consumers buy less of the good and more of substituted good
29
Operating Cost
the cost of operating a facility, such as a factory or store
the cost of a company bring able to operate
30
Market
trading items
arrangement that allows buyers and sellers to exchange stuff
31
Marginal Product of Labor
the change in output from hiring 1 additional unit of labor
the sum of fixed costs plus variable costs
32
Opportunity Cost
a desirable alternative given up as a result of a decision
keeping both items
benefit and a loss
33
Demand Curve
a line on a curve of the demand schedule
a graphic representation of a demand schedule
34
Safety Net
set of government programs
protect people who face unfavorable conditions
35
Laissez Faire
the plan that all gov't involvement should be fair
the doctrine that gov't generally should not intervene
36
Supply Schedule
two goods that are bought and used together
a chart that says how much a supplier will offer @ various $
37
Subsidy
a gov't payment that helps poor families
a gov't payment that supports a business or market
38
Supply
the amount of goods available
goods
39
Economics
the study of money
how people get through life with money
how people satisfy their needs and want by making choices
how people conquer their life economic goals
40
Factor Market
exchange where firms purchase products from households
arena of exchange which households purchase goods fro firms
41
Normal Goods
a good that consumers demand more of when their incomes rise
service that consumers demand more of when their income rise
42
Liability
the reason why people lose money
legal obligation to pay debts
43
Elasticity of Supply
a change in the price that suppliers offer
a measure of the way quantity supplied reacts 2 a change in$
44
Increasing Marginal Returns
marginal product of labor goes up as # of workers goes up
marginal product of labor goes down as # of workers goes up
45
Business Organization
the ownership structure of a company or firm
the way a company makes total revenue
46
Articles of Partnership
partners have to be partners for at least 3 years
agreement that spells out each 1's rights & responsibilities
47
Trade-Off
the alternatives that we give up when we choose one course
choosing a donut instead of an apple
48
Scarcity
no one can get anything they need
goods and services
goods and services are not available to meet unlimited wants
limited supply
49
Incentive
the hope of reward or fear of penalty
encourages a person to behave a certain way
50
Elastic
describes demand that is very sensitive to price change
someone who doesn't like price change
51
Demand Schedule
a table that lists a quantity of a good
a table that lists the quality of a good
52
Uniform Partnership Act
the reason why many partnerships fall apart
law w/rules for partnerships, must follow if no agreement
53
Firm
business
organization uses resources to produce a product & sell it
54
Goods
the physical objects that someone produces
objects that are bought
objects
going shopping
55
Specialization
Productive efforts on a limited number of activities
the feeling of being special
