Final Exam Review 1

__________________ provide financial services, such as banking, lending, and investing.

This government agency is responsible for protecting human health and the environment.

What does the supply curve show?

_____________reflects the level of compensation that workers receive for their labor.

In Microeconomics, if ______________ are going up, it may indicate demand for a particular good/service

What is the study of scarcity?

The extent to which consumers are familiar with a brand and can recognize it.

How do trade associations help industries?

These refer to taxes imposed on the transfer of wealth from a deceased person to their heirs.

What motivates people to work?

False Advertising is: Making misleading claims about a product or service in order to deceive or mislead consumers.

Which policy involves taxation?

Monopoly has many sellers.

Why is economic stabilization important?

This is a financial market where equities are bought and sold.

These refer to charges imposed by the Government for specific goods or services

_________a business that primarily generates profits for its owners or shareholders.

This is the process of creating goods or services.

The illegal use of someone's personal information without consent for fraudulent purposes.

Using false or deceptive tactics to acquire money, investments, or financial resources from individuals & organizations.

Produced by a company providing an overview of its financial performance, operations, & achievements over the past year.

What are tax incentives?

_______are not affiliated with a government and focused on charitable purposes.

The Stock Market: The amount of money charged for the use of assets ($$).

Laws, rules and policies to control and influence individuals and businesses:

This refers to the practice of using deceptive or fraudulent tactics to sell products or services over the phone.

Monetary policy: is the process of regulating the supply of money.

Online platforms and tools that allow people to create, share, and exchange information and content with others.

Choices made by individuals and households when they choose what goods and services to purchase and how much to spend.

This a tax imposed on the income earned by individuals, businesses and other entities:

Subsidies help businesses grow.

The production and trade of fabrics and other related materials.

Seller advertises a product at a low price to attract buyers, but then tries to sell a more expensive product/service.

New and improved products, processes or organizational forms are examples of "Innovation".

The financial charges imposed by the government to raise revenue are called "Taxes".

Public Sector Organizations are businesses that are owned and operated by the Government.

These are professionals who provide guidance and advice on financial matters to individuals or businesses.

True or false: Competition is beneficial for consumers.

Who is Adam Smith?

An increase in the productive capacity of an economy over a longer period of time.

Any market that does not meet the rigorous standards of the perfectly competitive market is called what?

Which is an example of a financial incentive?

_____________a business that is owned by private individuals, rather than by the government.

Supply curve shows price and quantity.

What is a negative incentive?

Consumer education is the process of providing the knowledge, skills, and tools people need to make informed choices.

Macro-Economics studies the economy as a whole?

Which economy is based on the way things have been done in the past?

The process of converting raw materials or components into finished goods through labor, machinery, and tools.

Microeconomics studies the behavior of individual households, firms, and industries.

___________ the basic physical systems, facilities, and services that an economy needs.

What is equilibrium in a market?

True or false: Fiscal policy involves government spending

A tax imposed by a government on imported or exported goods, usually to protect domestic producers.

The extent to which one country relies on international trade in relation to its overall economic activity

What is the ultimate scarce resource?

These taxes are imposed on the production or sale of a specific good or service.

Trade INTER-Dependence refers to the exchange of goods and services within a single country.

A platform that provides information, and tools to help manage money and make informed financial choices.

The physical, mental, and social effort used to produce goods and services?

 ___________a catastrophic event that is caused by natural phenomena.

How do financial institutions help?

Progressive taxation is a system in which the tax rate increases as the income level of the taxpayer decreases.

Scam where participants make money by recruiting others, rather than by selling actual products or services.

Market economies are decentralized.

The practice of providing information about a product, service, or company to consumers, investors, and stakeholders.

Perfect Competition is a an "ideal" that does not actually exist.

Non-Profits do not aim to generate profits for its owners, functioning as social charities

What is the Federal Reserve's role?

Economic Reports provide data on economic indicators, such as inflation, employment, and consumer spending.

These refer to the taxes imposed on the ownership of real estate, including land and buildings.

Consumer Reviews are opinions written by customers about a product, service, or brand based on personal experience.

Who is Adam Smith?

Government agency that is responsible for enforcing federal securities laws and regulations.

Which term describes limited resources?

The SBA is responsible for providing support to __________________ in the US.

This is a measure of the total economic output of a country:

What guides a market economy?

The swap of cultural practices, customs, values, beliefs between different societies.

What does a rise in unemployment indicate?

The % change in the level of prices of goods over a period of time

Documents that provide a summary of an individual's credit history, including their borrowing and repayment behavior.

Opportunity cost is the next-best alternative.

What combines capitalism and socialism?

Regulations that safeguard customers from fraudulent business practices ensuring fair pricing and safe products.

True or false: High unemployment is good

A marketing technique that aims to persuade consumers to buy a product or service.

Scam where high returns are promised to investors but are paid using the money from new investors, not real profits.

A period of sustained growth in production of goods in a specific period of time.

Intrinsic incentives are externally motivated.

A restriction on the quantity of a good that can be imported or exported within a specific period of time.

What describes when someone is trying to win or be more successful than someone else?

Fair competition is when companies compete on a level playing field, without engaging in unfair practices.

Who is Adam Smith

Penalties or measures imposed by one country on another country in order to achieve a political or economic goal.

Your thoughts become words; Words into Actions; Actions into Habits; Habits becomes Character...Character is Destiny!

What does a command economy emphasize?

Guidelines or requirements established to ensure that products, services, and workplaces are safe for individuals.

_________ money left over that can be used to invest or start a business.

How do low interest rates help an economy grow?

The Exchange Rate is the value of one currency in terms of another country's currency.

This refers to the use of resources in the most productive way possible.

This refer to the ways in which businesses operate: pricing strategies, customer service, product quality etc.

Capital Gains Taxes are taxes imposed on the profit realized from the sale of a capital asset.

True or false: Demand increases with price.

Resources are always unlimited.

This agency is responsible for protecting consumers from unfair or deceptive business practices

________ economic contraction: declining GDP, rising unemployment, and falling asset prices.

The Law of Demand states:

Trade balance refers to the difference between a country's exports and imports of goods and services.

________ is the excess of revenue over costs. "What is left over."

Who is Adam Smith?

Anti-Trust laws aim to promote fair competition and prevent monopolies.

Sales taxes are imposed on the sale of goods and services.

This is a registry of telephone numbers in the United States that have requested not to receive telemarketing calls.

The worth that a consumer assigns to a product or service based on their view of its benefits and drawbacks and price.

These are documents businesses use to provide detailed analysis and insights into a specific market or industry.

A nonprofit organization that rates businesses based on their reputation, customer complaints, and other factors.

True or false: Specialization increases production

The activities of people traveling to and staying in places outside their usual environment for leisure or business.

Anti-Malware Software is designed to prevent, detect, and remove malicious software from a computer system.

Processes to provide individuals with a way to receive compensation for harm caused by a company or organization.

What is an oligopoly?

The process of redirecting resources from one use or sector to another:

_________ is a severe, long-term downturn in economic activity; a big decrease in output

Attempts to obtain sensitive information, such as usernames, passwords, or credit card details, via email.

Food and Drug Administration is responsible for protecting public health.

_______amount that consumers are willing AND able to purchase at a each price.