Structural Unemployment

when people are jobless because of lack of skills/education

when a nation's exports is greater than its imports

Money market accounts generally pay

higher interest than regular savings accounts

How might a rapidly growing population add to a developing countries problems?

It might be harder to provide the basic needs of a person

Suppose that people buy less sugar. How might this affect the demand for sugarcane farmers?

It will reduce the demand for sugar

an import tax used to provide government revenue

What are the four factors of production?

natural resources, capital, labor, and entrepreneurs

aid one country gives another in the form of supplies, etc

A certificate of deposit is

a type of savings account with a high fixed rate of interest

Gross Domestic Product

total yearly dollar value of goods produced in a country

a tax on the property of a person who has dies

goods that are used with each other

human made things that produce goods and services

direct exchange of one good for another without using money

The three steps in making spending decisions are

Setting Goals, Gathering Info., thinking about trade-offs

higher production, more jobs, and more consumer spending

study of how people, businesses, and nations use resources

What happens when management and labor try collective bargaining?

Mgmt and Labor try to reach an agreement

amt of goods one is willing to produce at different prices

demand-pull inflation

inflation caused when spending is more than goods available

What does standard of living measure?

How well a country's economy is doing by meeting needs

unrestricted trade between countries

Comparative Advantage

producing products at lower oppty costs than other countries

bank that is owned by members who belong to a certain group

goods that can take the place of one another

economic law that says one will buy more as the price drops

Perfect competition exists when

a large number of farmers all sell identical wheat

% of people who are looking for work but have not found jobs

How does the amount of industry in developed countries compare to developing countries?

They have much more industry than developing countries have

inflation caused by the rising cost of resources

Cyclical Unemployment

when one is out of work because of a downturn in the economy

a time period when GDP is decreasing

the % of people in a population who can read and write

Frictional Unemployment

when one is between jobs or are looking for their 1st job

policy that calls for non-interference by govt in business

One reason some government leaders want to halt the growth of the national debt is

Govt spending will replace private spending in the economy

If the price of a complementary good decreases, what happens to the price of its complement?

The complement price will go up

Federal Reserve System

the name of the central bank of the U.S.

Why is it nearly impossible to have a zero unemployment rate?

There will always be people who quit jobs to find new ones

value of all currency and checking acct bals. in a country

the amount of goods/services produced in a given time period

not enough of a resource to satisfy people's needs and wants

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Economics Final

70 termsStudBud Administration12 plays

Units 1 - 8

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Questions 70

Answers

1
Structural Unemployment
when one is between jobs or are looking for their 1st job
when people are jobless because of lack of skills/education
% of people who are looking for work but have not found jobs
when people are jobless due to the season of the year
2
Corporations are owned by_____________ who buy stock in the company
sole proprietorship
losses
board of directors
stockholders
3
Trade Surplus
trade between nations
when a nation's exports is greater than its imports
a tax on imports
unrestricted trade between countries
4
International Trade
the ability to make a product cheaper than other countries
goods bought from other countries
trade between nations
a tax on imports
5
Money market accounts generally pay
lower interest than regular savings accounts
higher interest than regular savings accounts
the same interest than regular savings accounts
6
How might a rapidly growing population add to a developing countries problems?
It might be harder to find everybody to collect taxes
It would allow there to be more teachers in their country
It might be harder to provide the basic needs of a person
It would allow for a larger workforce
7
If the price of replacement products go up, what happens to the price of the original product?
It increases
It decreases
It stays the same
8
Suppose that people buy less sugar. How might this affect the demand for sugarcane farmers?
It will have no affect on the demand for sugar
It will increase the demand for sugar
It will reduce the demand for sugar
9
Revenue Tariff
when a nation's imports is greater than its exports
an import tax used to provide government revenue
the ability to make a product cheaper than other countries
goods sold to other countries
10
What are the four factors of production?
natural resources, capital, labor, and entrepreneurs
air, water, fish, and oil
needs, wants, labor, and natural resources
11
Foreign Aid
aid that is given to people and they don't know what it is
aid one country gives another in the form of supplies, etc
aid that foreigners give to the U.S.
aid that is given to help foreign people move to the U.S.
12
A certificate of deposit is
a type of savings account with a high fixed rate of interest
slip showing how much you just deposited into your account
certificate showing the amount you have in savings
13
Gross Domestic Product
the highest point in the business cycle
total yearly dollar value of goods produced in a country
figures collected to get info about a particular subject
14
Estate Tax
a tax on inherited property or money
a tax on the property of a person who has dies
policy that calls for non-interference by govt in business
15
Complementary Goods
goods that are used with each other
economic law that says one will buy more as the price drops
graph showing the amt of goods bought at different prices
goods that can take the place of one another
16
Capital
people who come up with ideas for making goods and services
human made things that produce goods and services
things provided by nature that produce goods and services
not enough of a resource to satisfy people's needs and wants
17
bartering is
lasting a long time without wearing out
coins and paper money
a unit of value
direct exchange of one good for another without using money
18
portable is
lasting a long time without wearing out
coins or paper money
easily carried or moved
19
The three steps in making spending decisions are
find a product, save enough money, make the purchase
identify a product, learn about the product, make a decision
Setting Goals, Gathering Info., thinking about trade-offs
20
Increased GDP means
higher production, more jobs, and more consumer spending
GDP adjusted for inflation
less production, fewer jobs, and less consumer spending
21
What happens to the price of goods during deflation?
The cost stays the same
The cost of goods goes up
The cost of goods goes down
22
What is economics?
an activity performed for others for money
things that can be seen, touched, and bought or sold
study of how people, businesses, and nations use resources
23
What happens when management and labor try collective bargaining?
Mgmt and Labor try to reach an agreement
Mgmt makes an offer, labor decides to take the offer or quit
Labor threatens to strike unless all their demands are met
24
Law of Supply
economic law which says that producers are willing to supply
amt of goods one is willing to produce at different prices
people responsible for directing and managing a business
25
demand-pull inflation
inflation caused by the rising cost of resources
inflation caused when spending is more than goods available
a raise in income to keep wages even with inflation
26
What is the purpose of tariffs and quotas?
To raise money
To restrict competition
To make sure that enough products are being made
To keep the price of products low
27
46. What does inflation do to the value of a dollar?
It makes it worth less
It makes it worth more
It doesn't change it at all
28
A business ends up with ________ if its costs are greater than its revenues.
sole proprietorship
losses
board of directors
stockholders
29
What does standard of living measure?
The rules by which people live in a country
The number of years people live to in a country
How well a country's economy is doing by meeting needs
30
Free Trade
when a nation's exports is greater than its imports
trade between nations
unrestricted trade between countries
an import tax used to provide goavernment revenue
31
Comparative Advantage
producing products at lower oppty costs than other countries
tax raising $ of imps. protecting indust. from foreign comp
limiting trade with countries to protect domestic industries
a law that sets a fixed amount of imports
32
credit union is
bank that is owned by members who belong to a certain group
a bank who controls the nation's money supply
the name of the central bank of the U.S.
33
Substitute Goods
graph showing the amt of goods bought at different prices
economic law that says one will buy more as the price drops
goods that are used with each other
goods that can take the place of one another
34
Law of Demand
goods that can take the place of one another
graph showing the amt of goods bought at different prices
economic law that says one will buy more as the price drops
goods that are used with each other
35
Perfect competition exists when
there is a monopoly
a large number of gas stations agree to fix prices
a large number of farmers all sell identical wheat
36
Unemployment Rate
% of people who are looking for work but have not found jobs
when people are jobless due to the season of the year
when one is between jobs or are looking for their 1st job
when people are jobless because of lack of skills/education
37
How does the amount of industry in developed countries compare to developing countries?
They have much more industry than developing countries have
They have about the same amount as developing countries have
They have much less than developing countries have
They have 1.5 times the amt that developing countries have
38
cost-push inflation
a statistic used to measure inflation
inflation caused by the rising cost of resources
inflation caused when spending is more than goods available
39
Cyclical Unemployment
when one is between jobs or are looking for their 1st job
when people are jobless due to the season of the year
when one is out of work because of a downturn in the economy
% of people who are looking for work but have not found jobs
40
contraction
the lowest point in the business cycle
an increase in average price of all goods and services
a time period when GDP is decreasing
41
Literacy rate
The number of people who can speak properly in a country
the % of people in a population who can read and write
The number of books a person can read in one year
The hourly wage a person makes teaching people how to read
42
Frictional Unemployment
when one is between jobs or are looking for their 1st job
when people are jobless due to the season of the year
when people are jobless because of lack of skills/education
% of people who are looking for work but have not found jobs
43
Laissez Faire
policy that calls for non-interference by govt in business
a tax on inherited property or money
a tax on income above a certain amt and corps pay on profits
44
One reason some government leaders want to halt the growth of the national debt is
Private spending will replace govt spending in the economy
There will not be enough interest on debt
Govt spending will replace private spending in the economy
45
If the price of a complementary good decreases, what happens to the price of its complement?
The complement price stays the same
The complement price will go up
The complement price goes down
46
Federal Reserve System
a corporation that insures bank deposits up to $100,000
the name of the central bank of the U.S.
banks that provide checking and savings accounts
47
Why is it nearly impossible to have a zero unemployment rate?
The government wants there to always be some unemployment
There will always be people who quit jobs to find new ones
There will always be some people who do not look for jobs
48
money supply is
coins and paper money
value of all currency and checking acct bals. in a country
units of value
49
Productivity
not enough of a resource to satisfy people's needs and wants
the amount of goods/services produced in a given time period
human made things that produce goods and services
things provided by nature that produce goods and services
50
Scarcity
people who make the ideas for producing goods and services
things provided by nature that produce goods and services
human made things that produce goods and services
not enough of a resource to satisfy people's needs and wants
51
Providing income and medical benefits for those retired or unable to work.
Social Security
Medicaid
Medicare
52
Which is something that might affect the standard of living?
Where a person lives
Things that people's neighbors have
Things that people want
53
What is a bait and switch
things that come first in order of importance
an illegal form of advertising
deceit or trickery
54
One important advantage of money is
it allows people to specialize
all money is equal in value
it is colorful
55
central bank is
a kind of bank that is owned by members
a bank whose functions include controlling the money supply
a corporation that insures bank deposits up to $100,000
56
Natural Resources
not enough of a resource to satisfy people's needs and wants
things provided by nature that produce goods and services
human made things that are used to produce goods/services
the amount of goods/services produced in a given time period
57
What are the three levels of government that provide goods and services?
Committees, Mayors, Aldermen
Supervisors, Management, Workers
Federal, State, Local
58
Demand Curve
economic law that says one will buy more as the price drops
goods that are used with each other 16 characters remaining
graph showing the amt of goods bought at different prices
goods that can take the place of one another
59
Entrepreneurs
people who make the ideas for producing goods and services
the amount of goods/services produced in a given time period
things provided by nature that produce goods/services
human made things that are used to produce goods/services
60
When an entrepreneur starts a business by themselves, the business is called a ______.
sole proprietorship
stockholders
losses
board of directors
61
Better Business Bureau
private org that protects consumers from unfair practices
representatives of businesses who promote local business
an illegal form of advertising
62
real GDP
GDP adjusted up or down to account for inflation
figures collected to get info about a particular subject
total yearly dollar value of goods produced in a country
63
depression
a long-lasting and severe recession
the highest point in the business cycle
an increase in the average price of all goods and services
64
The people that stockholders elect to make the big decisions for the corporation are _____.
stockholders
sole proprietorship
losses
board of directors
65
Social Welfare Programs
non-profit orgs that take donations then give aid to people
prgms to stop pov., Soc Sec, worker's comp. Paid by workers
programs that provide assistance to people who cannot work
min. income that a family must have to meet its basic needs
66
If the price of a complementary good decreases, what happens to the price of its complement?
The complement price goes down
The complement price stays the same
The complement price will go up
67
When GDP decreases for two quarters or six months in a row, the country is in a
trough
recession
depression
68
Which is an example of a worker who has lost their job due to better capital resources.
Person who operates the new machine on the assembly line.
Person who used to place the bolt on the car to be tightened
Person who repairs the new machine on assembly line
69
Poverty Line
programs that provide assistance to people who cannot work
prgms to stop pov., Soc Sec, worker's comp. Paid by workers
the min income a family must have to meet its basic needs
non-profit orgs that take donations then give aid to people
70
business cycle
alt. periods of expanding and contracting econ. activity
a period of time when GDP decreases
a long-lasting and severe recession

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