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TSA Review STANDARD 1.0 EXAMINE ECONOMIC PRINCIPLES AND CONCEPTS Flashcards | StudBud
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TSA Review STANDARD 1.0 EXAMINE ECONOMIC PRINCIPLES AND CONCEPTS
TSA Review STANDARD 1.0 EXAMINE ECONOMIC PRINCIPLES AND CONCEPTS
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Arizona Marketing Standards Review 2023 STANDARD 1.0 EXAMINE ECONOMIC PRINCIPLES AND CONCEPTS
Flashcards
38 cards
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38
Answers
1
What are Intrest Rates?
What you are charged to borrow money
How interested someone is in something
How much someone gets paid.
The money I have in my bank account right now
2
How does competition impact economic decision making?
Increases efficiency
Reduces innovation
Leads to monopoly
Decreases consumer choice
3
Define Scarcity
An item in short supply and has value
A city where people scare others
A valuable resource
An item that is worth a lot of money
4
What is shortage?
jobs
When demand exceeds supply.
supply
Luke B
5
Define financial stability and security
The ability to open a savings account
The ability to manage risk and organize income & expenditure
The ability to absorb economic shocks
The ability to buy a new car
6
What describes the resources used in production?
Factors
GDP
Demand
Supply
7
intrest rates represent the
price of eating
price of money
price of shopping
price of housing
8
Define Exchange Rates
The domestic value of a dollar within a country.
What the international price of a currency in forex markets.
The bills face value.
What domestic economy values their currency at.
9
What is circular flow?
households, government, and business exchange resources
bring higher incentives to produce high quality products
individuals and businesses meets sociaties needs
individuals and factors of production government keeps out
10
Define Demand
How much will sell at a particular price
How much consumers want a good or service
How much of a good or service there is
A bossy sibling
11
What is the result of competition in a free market?
Collaboration
Monopoly
Equilibrium
Innovation
12
The concept of price elasticity of demand measures....
how much the demand curve shifts
the slope of the demand curve
the sensitivity of consumers to price changes
the number of buyers in a market
13
What is productivity?
measuring inputs
measuring outputs
measuring inputs to outputs
costs > benefits
14
What is the difference between saving and investing?
Saving is for low-income people, while investing is for rich people
Saving goes in FDIC bank while investing goes into stocks and bonds
Saving is small amounts of money, & investing is done with large
Saving goes to government and investing goes to JOE MOMMA
15
What is the best definition of "Monopoly"
A board game
Complete control over a supply, service, or market
Less control over a supply, service, or market
Little control over a suppy, service, or market
16
Define "balance of trade"
How many things you trade back and forth.
Value of a currency in relation to another currency.
Country's total exports compared to their production of products.
Difference between a countries imports and exports.
17
Marginal analysis focuses on:
obtaining the best results for even those on the margins.
suspending the concept of scarcity
the effects of policy on the marginalized
comparing the cost and benefits of tiny incremental changes.
18
What is monopolisitic competition?
Many companies selling similar products (Pizza restaurants)
One company selling many different products under different name (Coke)
Very few companies selling identical products (Google)
One company selling identitical products under a different name (Nestle)
19
define gross domestic product
low availability of a product
value of products and services provided in a country within a year
branch of production, consumption, and wealth
somebody who purchases goods or services
20
Define Unemployment Rate
All people working
People in the labor force who aren't working or are looking for a job.
People under the age of 16
Retired people
21
How does marketing help customers?
Marketing reduces the quality of products customers want.
Marketing is an expensive and unnecessary business activity.
Marketing increases the prices that customers pay for products.
Marketing provides the goods and services that customers want.
22
Define Balance of Payments
The amount of goods and services produced in a country
The difference between GDP and GNP
A record of a country's trade across the world
A record of the price of imports
23
How does competition influence product quality?
Decreases quality
Increases quality
Has no impact
Varies unpredictably
24
Define incentives
the inability to satisfy all wants at the same time
things that incite or motivate
using goods and services
the amount of money exchanged for a good/service
25
What are the components of a marketing mix?
Promotion, Price, Place
Product, Price, Place
Product, Promotion, Place
Product, Price, Promotion
26
Which term is used for the price at which a buyer is willing to buy and a seller is willing to sell?
Demand
Supply
Equilibrium Price
Asking Price
27
Define wages.
An account where money is set aside for later spending.
Carry on (a war or campaign).
Money payed to an employee.
Occurring or happening every year or periodically.
28
Define Supply
How a producer thinks about a product that will sell
How much consumers want a good or service
Need, access, and quality of a good
How much of a good or service there is
29
what is surplus?
graphical representation of quantitiy and quality
the quantity supplied didnt provide enough materials
the quantity supplied exceeds the quantity demanded.
products or work that is bought and sold
30
Define: Cost-Benefit Analysis
Resources needed to produce goods/services (4 factors of production)
Weighs benefits of an action against its costs
How societies & individuals satisfy unlimited wants with limited resources
Graph that shows scarcity & efficiency
31
What is oligopoly
a market structure in which a few firms dominates
type of video game structure
a marketing company
a market structure where one company dominates
32
What is consumer price index?
market value of the final goods and services produced in an economy
goods and services inputs used up in production
uses as the basket of goods the typical purchases of households
product value of final goods and services, adjusted for inflation
33
What is a negative impact of having a poor credit score?
Being able to apply for multiple credit cards in one year with no impact
Having your student loans paused for one year
Getting a high interst rate on a car loan
Getting a low interest rate on a personal loan
34
What is pure competition?
Many sellers of products that are similar but not exactly the same
Only one seller of a product controls the market
A market with many sellers selling the same good
Only a few sellers of a product control the market
35
The economic impact of marketing includes
new and improved offerings
lowers market price
all of the above
create economic utility
36
Define:
Return on Investment (ROI)
A calculation of the monetary value of an investment versus its cost
a fee that one pays to reap the benefits of a professional service
where cost and income are equal and there is neither profit nor loss
amount added to the cost price to determine the selling price
37
Define Tariffs
a tax on imports or exports
A product that can be produced by a producer
A limited amount of goods
An increase in supply
38
What is Personal Income?
The income earned by an individual during the course of the annual GDP
The income spent on goods and services
The income earned by an individual before taxes and deductions
The income earned by an individual after taxes and deductions
