Economics Final Exam Review

What is the idea that through economic activity, people should be able to meet their needs?

What is the price at which the amount supplied is equal to the amount demanded?

What does limited liability mean?

What is having limited resources (time, money, etc.) known as?

What is the study of how people satisfy unlimited wants with limited resources?

What is the influencing of the economy through government taxing and spending?

What is a business organization managed on behalf of its owners who provide the funds?

What is a general rise in overall prices?

What is the study of the economy as a whole?

What is an economic system where the government holds most of the property rights?

What type of economy are most world economies?

Which stage of the business cycle has businesses operating at their best?

What is it called when two or more companies combine to form a single business?

What is money paid regularly at a particular rate for the use of money lent?

What is the final value of all goods and services produced in the country in one year?

What does increasing the money supply cause?

An economy that is beginning to slow down is said to be in a...

What is the highest valued alternative given up as a result of making a choice?

What are the buildings, tools, and machines people create and use to produce final goods and services?

What is an inverse relationship between the quantity demanded and the price of a product?

Which of the following is NOT a factor of production?

What is a market structure in which a large number of firms all produce an identical product?

What is temporary unemployment, as you might experience between jobs?

What is a positive relationship between the quantity supplied and the price of a product?

Businesses issue stock to raise...

What are the physical and mental efforts used to create goods and services?

What is the study of individual consumers and businesses?

What happens to purchasing power during times of inflation?