Spartans Master Economics-Final Exam Review

What happens to the equilibrium price when there is a SURPLUS?

This is the largest source of revenue for the federal government

Most common market structure that relies on non-price competition like advertising

Economist who promoted government spending to stimulate the economy or "prime the pump"

The price of iPhones skyrockets. What happens to the demand for Samsung?

What type of tax funds Medicare and Social Security?

Stock market in which prices are generally RISING

The study of how we use our limited resources to satisfy unlimited wants and needs

This is the financial cost of borrowing money

Money that is issued by government decree

Workers concentrate on a specific task to increase efficiency

When a corporation first sells ownership, or STOCK in the company to raise financial capital

What type of tax is the federal income tax?

Most common form of business organization

All economic systems must answer the following question(s)

What type of goods are peanut butter & jelly; steak & potatoes?

The fundamental economic problem

Which of the following taxes is based on Adam Smith's ABILITY-TO-PAY principle?

Utilities like water and natural gas often become what type of market structure?

Predictable pattern showing as PRICE INCREASES customers purchase a LESSER quantity

All of the following influence DEMAND EXCEPT

What can the Federal Reserve do to protect against inflation?

Adam Smith's idea that individuals pursuing self-interest benefits the overall society

According to the LAW OF SUPPLY, suppliers will produce more IF...

Money that is based on a good like gold

What controls the monetary system AND serves as the banks' bank?

Which of the following would influence SUPPLY?

Dollar value of all the goods and services produced within the United States

Term for LAND, LABOR, CAPITAL, ENTREPRENEURSHIP required to make a product

Economic system in which GOVERNMENT makes all the economic decisions

OPEC members are interdependently control production. What type of market structure is this?

Who exerts the most influence through ownership in a corporation?

What determines the market structure for a product/service?

Type of unemployment that results from DECREASED DEMAND for goods & services

What type of tax is the sales tax (8.75% in Erie County)?

An issue in market economies is...

What business organization provides limited liability for debt?

What measures inflation?

A professional who is licensed to purchase stocks and offer financial advice

Economic model illustrating opportunity costs and tradeoffs