lobo economics review

two goods that are bought and used together

the most desirable alternative given up as the result of a decision is (a)

the combination of two or more firms competing in the same market with the same good or service

The 1st step in creating a federal budget is to

the share of earnings given by a franchisee as payment to the franchiser

Actions and activities one person performs for another

a person who decides how to combine resources to create goods and services is a (an)

The following is an example of a

The Sherman anti-trust act broke up which monopoly

a tax for which the percentage of income paid in taxes increases as income increases

the principle that limited amounts of goods and services are available to meet unlimited wants

a document estimating the federal gov't's revenue and authorizing spending for the coming year

a proposed law submitted directly to the public

Franchises in national parks are usually granted by

a certificate of ownership in a corporation is a

the change in consumption that results in response to changes in price

Which of the following is not a barrier to entry 

a set limit on the amount of a good that can be imported

Scarcity affects

the interest rate banks charge on short-term loans to their best customer

the strategy of spreading out investments to reduce risk

A purely competitive market  ____________

actions a nation or group of nations takes in order to punish or put pressure on another nation

consists of objects that have value in and of themselves and that are also used as money

unintended economic side effects

a market structure in which a few large firms dominate a market

A Want is

partnership when 1 partner is a general partner and other partners have limited responsibility

In a market economy, who decides what to produce?

Why does the Fed rarely change reserve requirements?

a measure of the way quantity supplied reacts to a change in price

economic and political systems based on the belief that wealth should be distributed evenly 

anti-federalists opposed a centralized banking system becuse

the movement of some of a company’s operations, or resources of production, to another country