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Eco Final- 2024
What is unit elastic demand?
market economy
Eco Final- 2024
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1
market economy
economic system in which private citizens own and use the factors of
the use of scarce resources, and nearly all economic activities
a central authority makes the major decisions about WHAT, HOW, and FOR WHOM
where the WHAT HOW and FOR WHOM questions are primarily answered by people
2
What is unit elastic demand?
when a given change in price causes a proportional change in quantity deman
when a given change in price causes a large change in quantity demanded
when a given change in price causes a small change in quantity demanded
3
sales tax
general state or city tax levied on a product at the time of sale
tax levied on the wages, salaries, and other income of individuals
imposes the same percentage rate of taxation on everyone
a relatively high tax designed to raise revenue while reducing consumption
4
natural monopoly
based on ownership or control of a manufacturing method, process,
one firm can produce the product more cheaply than any number of competing
Is a market structure with only one seller of a particular product
Is a market structure in which a few large sellers dominate the industry
5
Deflation is a rise in the general level of prices
True
False
6
What is real GDP?
The dollar value of all final goods, services, and structures produced with
The output in any given year was measure using the actual prices that exist
GDP that is measured with a set of constant base year prices
7
geographic monopoly
a monopoly owned and operated by the government
based on ownership or control of a manufacturing method, process
a monopoly based on the absence of other sellers in a certain geographic
Is a market structure with only one seller of a particular product
8
Custom unions is a group of countries that have agreed to reduce/remove trade barriers among themselves but lack a comm
True
False
9
government monopoly
Is a market structure in which a few large sellers dominate the industry
a monopoly based on the absence of other sellers in a certain geographic
Is a market structure with only one seller of a particular product
a monopoly owned and operated by the government
10
partnership
all partners are responsible for the management and financial obligations
unincorporated business owned and operated by two or more people
at least one partner is not active in the daily running of the business
11
What is supply?
a combination of quantities that someone would be willing and able to buy
economic policies designed to stimulate the economy by removing government
the amount of a product that would be produced, grown, or acquired and
12
common stock
Non-voting ownership shares of the corporation
Certificate of ownership in a corporation
Represents basic ownership of a corporation
13
individual income tax
imposes a higher percentage rate of tax on higher income than on lower
imposes the same percentage rate of taxation on everyone
tax levied on the wages, salaries, and other income of individuals
imposes higher percentage rate of tax on lower income than on higher
14
What is globalization?
A trade agreement between Canada, Mexico and the United States
countries that have agreed to reduce or remove trade barriers among themsel
movement towards a more integrated and interdependent world economy
15
What is demand?
The amount of a product a producer or seller would be willing to offer for
a combination of quantities that someone would be willing and able to buy
Economic policies designed to stimulate the economy by removing government
16
What is the budget deficit?
a negative balance after expenditures are subtracted from revenues
a positive balance after expenditures are subtracted from revenues
total amount of money the federal government is allowed to borrow
annual government spending in excess of taxes and other revenues
17
What is interest?
payment from a borrower or deposit-taking financial institution to a lender
money paid regularly at a particular rate for the use of money lent,
a percentage a bank will pay to depositors or charge to borrowers
Payment made for the use of borrowed money
18
What is a tariff?
tax on an imported product designed to protect less efficient domestic
tax placed on imported goods to raise revenue
tax placed on imported products
limit on the amount of a good that is allowed into a country
19
What is macroeconomics?
The study of factors of production and scarce resources
The study of different markets and how the world trades in them
A branch of economic theory that focuses on the economy as a whole
A branch of economic theory that deals with behavior and decision making by
20
What is trade-off?
Cost of the next best alternative
alternative that must be given up who one choice is made rather than anothe
a diagram representing all possible combinations of goods and services
21
proportional tax
imposes the same percentage rate of taxation on everyone
imposes a higher percentage rate of taxation on higher income than on lower
imposes higher percentage rate of taxation on lower income than on higher
22
What is zero population growth?
Condition in which the average number of births and deaths balance
a country where no one is born in a 12 month period
a condition in which the average deaths are more than the average births
the decrease in the number of individuals in a population
23
What is a developing country?
economies distorted by their dependence on the export of primary products
Nonindustrial nations marked by extremely low gross national product (GNP)
people united by common descent, history, culture, or language, inhabiting
an area or region with regard to its physical features
24
What is microeconomics?
a branch of economic theory that focuses on the economy as a whole
a branch of economic theory that deals with behavior and decision making by
the study of different markets and how the world trade in them
the study of factors of production and scarce resources
25
technological monopoly
one firm can produce the product more cheaply than any number of competing
Is a market structure in which a few large sellers dominate the industry
based on ownership or control of a manufacturing method, process
Is a market structure with only one seller of a particular product
26
What is elastic demand?
when a given change in price causes a small change in quantity demanded
when a given change in price causes a large change in quantity demanded
when a given change in price causes a proportional change in quantity deman
27
socialism
the stage of economic and political system necessary for a country to reach
a central authority makes the major decisions about WHAT, HOW, and FOR WHOM
economic system in which private citizens own and use the factors of
the use of scarce resources, and nearly all economic activities
28
What is a want?
a sum to tangible economics goods that are scarce, useful, and transferable
a work or labor performed for someone
a basic requirement for survival
simply something we would like to have but it is not necessary for survival
29
What is scarcity?
a monetary worth of a good and service as determined by the market
the condition that results from society not having enough resources to
a tangible economic product that is useful, transferable to others, and use
the ability or capacity of a good or service to be useful, transferable to
30
Command economy
the stage of economic and political system necessary for a country to reach
economic system in which private citizens own and use the factors of
a central authority makes the major decisions about WHAT, HOW, and FOR WHOM
economic system that has some combination of tradition, command, and market
31
sin tax
a relatively high tax designed to raise revenue while reducing consumption
imposes a higher percentage rate of taxation on higher income than on lower
tax levied on the wages, salaries, and other income of individuals
general state or city tax levied on a product at the time of sale
32
capitalism
economic system in which private citizens own and use the factors of
economic system that has some combination of tradition, command, and market
the stage of economic and political system necessary for a country to reach
the use of scarce resources, and nearly all economic activities
33
What is inelastic demand?
when a given change in price causes a large change in quantity demanded
when a given change in price causes a small change in quantity demanded
when a given change in price causes a proportional change in quantity deman
34
What is unlimited liability?
a thing for which someone is responsible, especially a debt or financial
requirement that an owner is personally and fully responsible for all losse
the state of being responsible for something
requirement that an owner is responsible for half of all losses
35
What is current GDP?
The dollar value of all final goods, services, and structures produced with
The output in any given year was measure using the actual prices that exist
GDP that is measured with a set of constant base year prices
36
What is deficit spending?
the total amount borrowed from investors to finance the government deficit
a positive balance after expenditures are subtracted from revenues
annual government spending in excess of taxes and other revenues
total amount of money the federal government is allowed to borrow
37
Surplus is a situation in which the quantity supplied is greater than the quantity demanded
False
True
38
Inflation is where the general level of prices stays the same
True
False
39
mixed economy
economic system that has some combination of tradition, command, and market
the stage of economic and political system necessary for a country to reach
where the WHAT, HOW, and FOR WHOM questions are primarily answered by
economic system in which private citizens own and use the factors of
40
What is the national debt?
a measurement of how much the federal government owes its creditors
refers to direct liabilities of the United States government
the total amount borrowed from investors to finance the government deficit
unpaid borrowed funds
41
What is a mortgage?
the interest rate does not change, and the mortgage is issued typically for
A loan undertaken for the purchase of a home
The interest rate varies over time
42
Adjustable Rate Mortgage means that interest rates varies over time
False
True
43
What is Gross Domestic Product?
the dollar value of all final goods, services, and structures produced with
the gross domestic product on a per person basis
the value of all goods and services within a country's borders in a 24-mont
44
What is economics?
the study of different markets and how the world trades in them
the study of how people make and spend money
the study of factors of production and scarce resources
the study of how people try to satisfy seemingly unlimited and competing
45
What is a deductible?
monthly , quarterly, semiannual, or annual price paid for an insurance
an amount you pay before the insurance company pays
a small payment
a way for insurance companies and customers to negotiate the premium
46
What is total cost?
the extra cost of producing one addition of production
the costs of production that does not change when output changes
the production cost that varies as output changes; labor, energy, raw
the sum of variable cost plus fixed cost; all costs associated with product
47
regressive tax
imposes higher percentage rate of taxation on lower income than on higher
imposes the same percentage rate of taxation on everyone
imposes a higher percentage rate of taxation on higher income than on lower
48
What is price?
The lowest legal price that can be paid for a product
Statistical series used to measure changes in the price level over time
The monetary value of a product
The highest legal price that can be charged for a product
49
What is outsourcing?
obtaining goods and services from a foreign country
Working aboard
Moving operations to a different country
Hiring outside firms to perform non-core operations to lower operating cost
50
preferred stock
Non-voting ownership shares of the corporation
Represents basic ownership of a corporation
Certificate of ownership in a corporation
51
What is a need?
a basic requirement for survival
simply something we would like to have but it is not necessary for survival
goods intended for final use by consumers
items that wear out when used regularly
52
What is a recession?
A period of recovery from a recession
a state of the economy with a large number of people out of work, acute
a period where the real GDP declines for at least two quarters or six month
53
What is a trust fund?
designed to hold and manages assets on someone else's behalf, with the help
an estate planning tool that anyone can use to ensure their assets are pass
a fund consisting of assets belonging to a trust, held by the trustees for
Special account used to hold revenues designated for a specific expenditure
54
What is a sole proprietorship?
Unincorporated business owned and run by a single person who has the rights
at least one person is not active in the daily running of the business and
unincorporated business owned and operated by two or more people who share
the owner of a business, or a holder of property
55
Shortage is a situation in which the quantity demanded is greater than the quantity supplied
False
True
56
general partnership
unincorporated business owned and operated by two or more people who share
at least one partner is not active in the daily running of the business
all partners are responsible for the management and financial obligations
57
What is a depression?
a period of recovery from a recession
a period where the real GDP declines for at least two quarters or six month
a state of the economy with a large number of people out of work, acute
58
What is GDP?
GDP that is measured with a set of constant base year prices
The dollar value of all final goods, services, and structures produced with
The output in any given year was measure using the actual prices that exist
59
oligopoly
based on ownership or control of a manufacturing method, process, or other
Is a market structure with only one seller of a particular product
Is a market structure in which a few large sellers dominate the industry
a monopoly based on the absence of other sellers in a certain geographic
60
Fixed Rate Mortgage means that interest rate does not change, and the mortgage is issued typically for either 15 or
True
False
61
What is GDP per capita?
the dollar value of all final goods, services, and structures produced with
the difference between what the economy can and does produce
is the gross domestic product on a per person basis
the annual opportunity cost of unemployed resources
62
What is a quota?
tax placed on imported products
limit on the amount of a good that is allowed into a country
tax on an imported product designed to protect less efficient domestic
tax placed on imported goods to raise revenue
63
What is total revenue?
the average price that every unit of output sells for
the total amount earned by a firm from the sale of its products the average
the level of production where marginal cost is equal to marginal revenue
all the revenue that a business receives
64
What is expansion?
a period where the real GDP declines for at least two quarters or six
a state of the economy with a large number of people out of work, acute
a period of recovery from a recession
65
monopoly
a monopoly owned and operated by the government
based on ownership or control of a manufacturing method, process
a monopoly based on the absence of other sellers in a certain geographic
Is a market structure with only one seller of a particular product
66
limited partnership
all partners are responsible for the management and financial obligations
unincorporated business owned and operated by two or more people who
at least one partner is not active in the daily running of the business
67
progressive tax
imposes the same percentage rate of taxation on everyone
imposes higher percentage rate of taxation on lower income than on higher
imposes a higher percentage rate of taxation on higher income than on lower
68
What is the national debt?
unpaid borrowed funds
a measurement of how much the federal government owes its creditors
refers to direct liabilities of the United States government
the total amount borrowed from investors to finance the government deficit
69
Free trade areas is a group of countries that have agreed to reduce/remove trade barriers and have uniform tariffs
True
False
70
What is a premium?
a small yearly payment
an amount you pay before the insurance company pays
monthly , quarterly, semiannual, or annual price paid for an insurance
a way for insurance companies and customers to negotiate
71
What is inflation?
income that does not increase over time
a federal program of disability and retirement benefits that covers most
rise in general level of prices
72
What is the budget surplus?
a positive balance after expenditures are subtracted from revenues
a negative balance after expenditures are subtracted from revenues
annual government spending in excess of taxes and other revenues
total amount of money the federal government is allowed to borrow
73
What is an interest rate?
payment from a borrower or deposit-taking financial institution to
A percentage a bank will pay to depositors or charge to borrowers
Payment made for the use of borrowed money
money paid regularly at a particular rate for the use of money lent,
74
Traditional economy
A central authority makes the major decisions and WHAT, HOW, and FOR WHOM
The use of scarce resources, and nearly all economic activities- stems
Economic system that has some combination of tradition, command, and market
Where the WHAT, HOW, and FOR WHOM questions are primarily answered by
75
stock
Certificate of ownership in a corporation
Non-voting ownership shares of the corporation
Represents basic ownership of a corporation
