Economics Final

arrangement among groups to control price, production, and distribution

A buyout of the same business

fundamental economic problem results from combination of unlimited wants and limited resources

you have two similar items, the price of one goes up, so you buy the other

Buyout of a business you buy from or sell to

Will always exist

Goal of balanced monetary policy is to encorage economic expansion without encouraging

price increase, supply increase...price decrease, supply decrease

Consumers are concerned with

Study of how individuals make choices to use scarce resources to fulfill unlimited wants.

The law of supply deals with

term used by adam smith to describe the effects of competition on individuals working for thier own self interest

The law of demand deals with

Act of buyers and sellers freely and willingly engaging in market transactions.

Shortages make prices

Bourgeoise

Price goes up income stays the same, you buy less

Means "Hands Off"

Who wrote the Wealth of Nations?

Money must have this characteristic to be valuable:

An example of monopolistic competition

Factors of Production are the same thing as

The best example of perferct competition is

Economic system where private individuals own factors of production

Proletariat

All money in the U.S.A. today is...

Inflation causes prices to

tax that takes larger percentage from higher incomes

Perfect Competition

Who wrote the Communist Manifesto?

Determinants of demand cause the curves to...

exchanging goods and services for goods and services

Prices increase, quantity demanded decrease...price decrease, quantity demanded increase

The study of economics is important because it enables us to

Best example of a capitalist country

Producers are concerned with

Prolonged raise in the general price level of goods and services

Which of the following is NOT a function of money?

Equalibrium Price

Shortage

Inflation causes the value of money

Best example of a communist country

Surpluses make prices

Most money in the U.S. today is in the form of

Surplus

The buying of an unrelated business

Necessary for survival

Tax that takes the same percentage from all incomes

contradiction between high price of nonessential item and low prices of an essential one

Tax that takes a higher percentage from lower incomes