Economics Milestones Review #2

The value of a nation's currency in relation to a foreign country

Tax system that taxes everyone at the same rate equally.

Chik-Fil-A buys new ovens/fryers that cook food faster, how does this affect price?

Shares of ownership in a corporation are called

Which type of unemployment is most affected by new technology? (think)

Which action could Congress use to control inflation (contractionary)?

A general increase in prices in the economy

What do you call a period of growth in GDP in the business cycle?

Who is NOT hurt by inflation?

When prices go down, suppliers will supply...

What is the type of unemployment that occurs due a decrease in GDP?

A market situation in which the costs of production are cheapest when only one firm provides

Tax system that taxes the rich at higher percentages than the poor.

The market structure in which only a few sellers produce a similar product

A fee charged for goods brought into a country from another country

An economic system based on individual choice & voluntary exchange

The monetary value of all final goods/services produced w/in a country's borders in a given yr

What do we call the central bank of the United States?

The relationship between the value of a country's exports & its' imports...

A limit on the amount of a product than can be imported

An economic system based on private ownership of the factors of production

A market structure in which many sellers offer similar but not identical products to consumers.

The ability of 1 trading nation to make a product more efficiently than another trading nation

The ability of 1 trading nation to produce something at a lower opportunity cost than another

What is the formula for GDP?

An economic system in which the gov't makes all or most of the economic decisions

Tax system that taxes the rich at a lower rate than the poor.

A situation that exists when there are not enough resources to meet human wants...

Land, Labor, Capital, & Entrepreneurship are

Which of the following is a function of money?

If the price of a large Dominos Pizza goes up by $3, what happens to the demand for Papa Johns?

Ray Ban has to pay more for their lens. What happens to prices?

Entrepreneurs are risky... what motivates them to do this?

Chemotherapy is an example of a(n) ....

As the price of a good/service decreases, quantity demanded increases. This is the...

A situation in which the quantity demanded changes little as the price changes.

Which action could the Fed use to control inflation (tight policy)?

The sum of all the supply in an economy

What type of unemployment occurs when a person's skills don't align with available jobs?

Which business organization has the disadvantage of unlimited liability for its owner?

A market structure with only one seller that sells a product that has no substitute

The point where market supply and market demand intersect is called ...

How much consumers are willing and able to buy at a certain price

What happens when the government mandates a price floor on wages?

What is the type of unemployment that occurs due to it taking time to find a job?

What is a good/service provided by the government and consumed by the public as a group?

What happens if the government mandates a price ceiling on cable service (i.e. Comcast)?

Whose job is to keep unemployment and inflation at bay using Monetary Policy?