Economics Semester Test Vocabulary

Question 1

Unionandcompanyofficials submitissuestheycant agreetoa neutral third party for a final decision

Accepted Answer

arbitration

Question 2

another name for the Fed

Accepted Answer

central bank

Question 3

Money used to run or expand a business.

Accepted Answer

financial capital

Question 4

Measure of how efficiently resources are used to create products.

Accepted Answer

productivity

Question 5

Individuals and businesses own the resources used to produce goods and services.

Accepted Answer

market economy

Question 6

combination of companies that may threaten competition

Accepted Answer

merger

Question 7

Economic questions are answered on the basis of habit or custom.

Accepted Answer

traditional economy

Question 8

Value of annual output in a country

Accepted Answer

GDP

Question 9

account that accumulates interest

Accepted Answer

savings

Question 10

Business owned and operated by a single person.

Accepted Answer

sole proprietorship

Question 11

Quality of life based on the possession of necessities and luxuries.

Accepted Answer

standard of living

Question 12

Management closing a workplace to prevent union members from working.

Accepted Answer

lockout

Question 13

a court order to stop some kind of action

Accepted Answer

injunction

Question 14

Breaking a job into smaller, separate tasks.

Accepted Answer

division of labor

Question 15

aid given to the poor in the form of money or necessities

Accepted Answer

welfare

Question 16

Provided a uniform currency backed up by government bonds

Accepted Answer

National Banking Act

Question 17

Tools, machinery, and buildings used to make products

Accepted Answer

capital

Question 18

financial institutions used most often by individuals and businesses

Accepted Answer

commercial banks

Question 19

Materials in nature that make production possible.

Accepted Answer

natural resources

Question 20

sustained increase in prices

Accepted Answer

inflation

Question 21

This is the study of how people use their limited resources to satisfy unlimited wants.

Accepted Answer

economics

Question 22

Planners who work for the government answer the economic questions.

Accepted Answer

command economy

Question 23

Created a central bank for the United States

Accepted Answer

Federal Reserve Act

Question 24

Union and company officials bring in a third party to try to help them reach an agreement.

Accepted Answer

mediation

Question 25

Factors of production are bought and sold.

Accepted Answer

factor market

Question 26

Union tactic in which striking workers walk with signs that express their grievances

Accepted Answer

picketing

Question 27

The legal responsibility for something, such as an action or a debt.

Accepted Answer

liability

Question 28

Business owned by two or more people.

Accepted Answer

partnership

Question 29

bank product that pays higher interest rates in exchange for greater control of customers money

Accepted Answer

certificate of deposit

Question 30

account that pays little or no interest

Accepted Answer

checking

Question 31

Government document granting permission to organize a corporation.

Accepted Answer

charter

Question 32

Products are bought and sold.

Accepted Answer

product market

Question 33

People who take risks to start new businesses or introduce new products.

Accepted Answer

entrepreneurs

Question 34

Concentrating on the goods and services produced most efficiently.

Accepted Answer

specialization

Question 35

nonprofit financial institutions

Accepted Answer

credit unions

Question 36

measure of the economy's production without price distortions

Accepted Answer

real GDP

Question 37

financial institutions that have moved beyond traditional role to provide full banking services

Accepted Answer

savings and loan associations

Question 38

Government and private business owners play roles in a compete-for-profit system.

Accepted Answer

mixed market economy

Question 39

Fed requirement that affects how much money member banks may loan

Accepted Answer

reserve

Question 40

People age 16 or older who are working or looking for work.

Accepted Answer

civilian labor force

Economics Semester Test Vocabulary

Questions 40

Economics Semester Test Vocabulary

Questions 40