Microeconomics Final Review 2017-2018

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

All are factors of production EXCEPT:

When quantity supplied = quantity demanded

Each of these is a retirement plan EXCEPT

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

Act as consumers in the Circular Flow Model

Example of a Command Economy:

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

If Demand is Price Elastic, then:

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

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

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

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

Law of Supply:

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

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

Law of Demand:

In a command economy, scarcity is addressed through:

Variable Costs are costs that occur no matter what

Credit Debt is also known as

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

Costs that occur with little to no activity by the firm

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

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

A surplus tells a firm they need to ___ their prices

Early Unions developed out of a need for

Level of use/satisfaction a consumer gets from a product

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

An advantage of a sole proprietorship is __

Profit off of an investment =

Choice made at the expense of another

An example of some with a "Professional" Labor job

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

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

Microeconomics involves economic interactions between:

Equilibrium Quantity = When Quantity supplied equals Quantity Purchased

A mutual fund is a _____

The Civilian Labor Force includes:

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

Extra Output created by adding one more unit of variable input

The Basic economic problem

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

A Demand curve slopes ____ and a Supply curve slopes ____

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

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

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

Competitive markets DO NOT allocate resources efficiently

A charter is required to start a __

All of the following could lead to bad credit EXCEPT

Government bonds are the riskiest investment you can make