Final Exam Review 1

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

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

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

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

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

 ___________a catastrophic event that is caused by natural phenomena.

What motivates people to work?

Which is an example of a financial incentive?

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

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

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

What is an oligopoly?

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

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

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

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

True or false: Specialization increases production

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

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

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

What is a negative incentive?

Intrinsic incentives are externally motivated.

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

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

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

Monopoly has many sellers.

What is the ultimate scarce resource?

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

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

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

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

Who is Adam Smith?

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

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

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

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

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

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

What guides a market economy?

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

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

This is the process of creating goods or services.

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

What combines capitalism and socialism?

True or false: Demand increases with price.

Who is Adam Smith

What is equilibrium in a market?

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

Opportunity cost is the next-best alternative.

What is the Federal Reserve's role?

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

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

Market economies are decentralized.

How do financial institutions help?

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

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

How do low interest rates help an economy grow?

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

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

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

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

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

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

The production and trade of fabrics and other related materials.

Food and Drug Administration is responsible for protecting public health.

Supply curve shows price and quantity.

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

Subsidies help businesses grow.

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

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

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

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

The Law of Demand states:

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

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

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

Resources are always unlimited.

What is the study of scarcity?

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

What does a command economy emphasize?

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

True or false: High unemployment is good

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

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

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

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

Why is economic stabilization important?

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

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

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

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

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

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

Who is Adam Smith?

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

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

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

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

True or false: Fiscal policy involves government spending

Macro-Economics studies the economy as a whole?

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

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

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

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

Which policy involves taxation?

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

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

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

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

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

True or false: Competition is beneficial for consumers.

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

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

Which term describes limited resources?

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

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

What does the supply curve show?

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

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

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

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

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

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

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

What does a rise in unemployment indicate?

How do trade associations help industries?

Who is Adam Smith?

What are tax incentives?