Econ Final Review

A steady drop in stock prices is considered a ______

A person who approves of lassiez faire would disagree with which of the following?

To produce and distribute goods and services is the purpose of __________

Only prices are taken into account relates to ________

A company has many branches throughout the country. This is an example of a ________.

The ____says, shifting from 1 item to the next the cost of producing the second item increases

Why are all goods and services scarce?

Which of the following is an example of non-price competition?

Which of the following is an example of a public good?

Both partners are liable when the business fails is an example of ________

Price ceiling that was famously used in New York was called _______

What type of system is the US economy based on?

What led to the emergence of labor unions?

Money or valuables to a company is called ______

A fancy term for ownership in a corporation is called ______

percentage change in price is equal to percentage change in quantity is related to ________

When a consumer is willing and able to buy a good or a service they create _______.

The difference between selling your stock for more than what you bought it for is called _____.

two or more businesses involved in different stages of production merge to form a ________

At the most profitable level of production a firm's marginal cost will ______ the market price

EEOC hears complaints regarding discrimination with ____________

Resources that are used to make all goods and services

Resources that are made by people and are used to create other goods and services

A way to show alternative ways to use an economy's resources is called __________________

Which of the following is not a key economic question?

Which of the following is an example of a disadvantage for a sole proprietorship?

The higher the price the less is consumed is the basic principle of _______

What kind of market runs most efficiently when one firm supplies all the output?

The least regulated form of business is a _________

Quantity and Price move in opposite directions in the _________.

The total benefit to society is greater that the cost is the purpose of ______

Payment other than wages is considered a ______

An economy that uses its resources to maximize the production or output is considered ______.

The most desirable alternative given up is called ______.

Which of the following is a free market philosopher?

An example of thinking at the margin is ...

Which of the following is difficult for a pure free market economy to achieve?

The ability to increase production without incurring more costs is an example of _______.

Change in demand at every price is an example of ______

Royalty fees are _______

Which of the following operates to benefit society?

A price increase does not have significant impact on buying habits is considered __________

What percent of American workers are in unions? (when our textbook was published).

An investment report given to potential shareholders is called ______.

Which of the following is a government interference on supply?

Money pooled from small investors to purchase government bonds

Inferior goods are _______

Large numbers of people can buy and sell stock in a __________

A office building is an example of ______

Deciding to use resources for military spending or domestic spending is a decision called _____

When buyers supply exactly what consumers demand is called ________

Which characteristic does not fit perfectly competitive markets?

Many companies selling similar but not identical products is a characteristic of _________

An economy expands and now is in a moment of contraction is referring to ________.

failure to repay a loan

An economic side effect that generates economic benefits in considered a _____________

Governments usually place price ceiling on things that are considered _______

A free rider is someone who...

Which economic system allows the government to make all decisions?

A market where households buy items from firms is called _____________