Economics Semester Review

The shared need of countries for resources, goods, services, labor, and knowledge

When the quantity demanded equals the quantity supplied, this gives you

The belief that all resources should be distributed evenly across society

Cycles of escalating trade barriers can be called

What is gross domestic product?

What is one government agency that provides health care?

What are the three economic questions that all economic systems must answer?

What is the study of economic behavior and decisions of a nation's whole economy?

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

Which is an example of a non-profit?

Why shouldn't countries just make everything they need?

Pros of trade barriers are

Which types of country enjoy the highest standard of living?

What are the cons of free market capitalism?

What economies have aspects of both free market and centrally planned economies?

When quantity supplied exceeds quantity demanded, this creates a

What are the pros of free market capitalism?

What is fractional reserve banking?

What taxes affect lower-income people at a higher rate than higher-income people?

Pros of free trade agreements are

Which is an example of a sole proprietorship?

Which is an example of a partnership/franchise?

I'm interested to know: How do banks make money?

What sort of economy is entirely managed by the government?

Which is an example of a corporation?

When the price of pizza goes up, you decide to buy tacos instead. This is an example of:

What branch of economics studies decisions made in small units, such as at the household level?

___ is defined as limited amounts of goods and services are available to meet unlimited wants

What is the business cycle?

When quantity demanded exceeds quantity supplied, this creates a

What innovation contributed to the growth of the tech industry, which now has ~7 million jobs?

An econ system where answers to 3 key econ questions are based on voluntary exchange in markets

What is an example of physical capital for a seamstress/tailor?

Definition: the desire to own something and the ability to pay for it.

What is an example of human capital?

You can measure a country's growth by

What is an innovation that likely put farriers out of work? (Don't know? Look it up!)

You can measure a country's growth by

A political system where the government owns and controls all resources/means of production

Deciding to go to make dinner at home instead of going out to eat is an example of

What is one government agency that facilitates transportation?

What taxes affect higher-income people at a higher rate than lower-income people?

Cons of trade barriers are

Definition: The basic facilities needed for a society to function and grow

When the price of pizza goes up, you decide to buy tacos instead. This means that

The factors of production are

An ___ is someone who combines the factors of production to create a new good or service.