Economics Final

Market structure with only one seller of a particular product

the monetary value of a product as established by supply and demand

situation in which the quantity demanded is greater than the quantity supplied at a given price

term for the reduction of value on capital goods from general wear and tear

total fixed, unavoidable costs for a business like rent

Which of the following is a way of comparing the costs of an action to the benefits received?

the price paid for the use of another’s money

a financial organization that accepts deposits from, and makes loans to, members

Work that is performed by someone such as a haircut, home repair, or concert

takes place when firms that produce the same kinds of products join forces

negative balance that results from an excess of expenditures over revenues

Tax on the transfer of property when a person dies

investors that own certificates in a firm

level of production that generates just enough revenue to cover total operating costs

business setup when all partners are responsible for the management and financial obligation

a system under which a government agency decides everyone’s “fair” share

a monopoly based on the absence of other sellers in a certain area

monopoly based on ownership or control of a manufacturing method, process, or other advancement

Inflation is

Tax on tangible and intangible possessions

When some necessities have little value while some non-necessities have high value is

What is NAFTA?

Market structure in which a few very large sellers dominate the industry

takes into account all costs of a business

annual plan outlining proposed revenues and expenditures for the coming year

Which of the following is NOT one of the three basic questions that economies must answer?

person that uses goods and services

a form of business recognized by law as a separate entity with all the rights of an individual

decision making that compares extra benefits of an action to extra costs of taking the action

Imposes higher percentage rate of taxation on higher incomes than on lower ones

Negotiations between labor & mgmt over pay, hours, health care, &job related matters are called

A refusal to let employees work until they agree to management demands is called a

A useful, tangible item, such as a book, car, or compact disc player, that satisfies a want

when companies involved in different stages of manufacturing or marketing join together

Imposes a higher percentage rate of taxation on lower incomes than higher ones

number, usually created by supply and demand, that gives an item or service a relative worth

General tax levied on the purchase of most products

Which of the following lists characteristics of a Market Economy?

total amount borrowed from investors to finance the government’s deficit spending

A refusal by employees to work until certain demands are met is called a

Federal tax on the earnings of citizens

situation in which the quantity supplied is greater than the quantity demanded at a given price

Condition that results from society not having enough resources to produce all things wanted is

organization of workers formed to represent its members interests in various employment matters

ownership certificates in a firm, or company

A mass refusal to buy products from targeted employers or companies is

Tax on transfer of money or wealth; paid by the person who makes the transfer

spending in excess of revenues collected

Taxes deducted from paychecks