HARE: ECONOMICS TRIMESTER EXAM - STUDY GUIDE

Studying how a particular drink sells in grocery stores in Roanoke would be considered...?

Land is usually the most expensive of the factors of production.

A type of business that is owned and operated by 1 person.

A lawnmower used by a lawn service would be considered a consumer good or capital good?

Middle class citizens.

Machines used to start a business are considered Financial Capital.

What does "tax exempt" status mean?

An economy where everything is controlled by the government alone.

A way for 2 or more people to share ownership of a company.

This focuses on the actions of individual things within the economy like households, workers and businesses.

This refers to the dollar value of all goods, services and structures in a 12-month period.

Hair spray, a blow dryer, a haircut & scissors. Which one is a service?

The ____ of an Xbox can be expressed in dollars and cents.

The Unemployment Rate does not include the entire population.

A sum of money given to shareholders as a result of profits.

What is the current federal minimum wage?

Work performed for someone else.

Division of Labor will cause higher prices to consumers.

What are the 4 factors of production?

A scheme in which investors pay for each other's investments.

What do you call the branch of knowledge concerned with the production, consumption, and transfer of wealth?

He is considered the "Father of Economics".

An LLP is a Limited Liability Partnership.

What does GDP stand for?

This focuses on broad issues such as growth, unemployment & inflation, and looks at the whole economy as a whole.

This is money that is contributed by working people, saved by the government, then given back to retired people.

A tune up, a car wash, an oil change, and a car. Which one is an example of a good?

The money used to buy tools & equipment needed for production.

An economy where the production and prices are determined by a country's individual citizens and businesses.

A person who takes the risk to start their own business is called an

Economic products designed to satisfy people's wants and needs.

Something that people desire to have is called a

The minimum amount of money a business is allowed to pay employees for labor.

Why do people join unions?

What has been the largest source of federal government revenue since 1950?

A term for a general increase in prices and decrease in money value.

A metaphor for the unseen forces that move the free market economy.

Traditional economies are usually slow to adapt to change.

Tax form sent from employers to employees that reports annual wages and taxes withheld from their paychecks.

Lower class citizens.

Who runs a Co-Op?

As price increases, the demand decreases and vice versa.

The United States would be an example of a Command Economy.

A basic requirement is called a

An economy focused on tradition, beliefs, and past history.

U.S. government sponsored program for people 65 and older as primary medical coverage.

U.S. government sponsored program designed for people with limited income.

This division of labor makes each worker more productive as they focus on the thing that they do best.

What day are taxes due every year?

Clothing is considered a consumer good or a capital good?