Social GA 2.1 Retake

Question 1

A business organization with only one owner, as the term sole implies. Owner and business are regarded as the same entity

Answer 1

Sole Proprietorship

Question 2

Business organization with two or more owners who are referred to as partners

Answer 2

Partnership

Question 3

Is a separate legal entity with rights and obligations. Business entity that is owned by its shareholder(s)

Answer 3

Corporation

Question 4

Corporations authorized to issue shares to individuals called shareholders

Answer 4

Stock Corporations

Question 5

Represent all other corporations that do not issue stocks

Answer 5

Nonstock Corporations

Question 6

A corporation made up of several different, independent businesses

Answer 6

Conglomerate

Question 7

Form of business organization that is jointly owned and managed by its members, established to meet common needs or objectives

Answer 7

Cooperatives

Question 8

Represents an idea or theory which reflects real-world situations and is founded on sound economic analysis

Answer 8

Economic Models

Question 9

Is an underlying premise taken into consideration for the claims of the model to be valid.

Answer 9

Assumption

Question 10

Economic practitioners utilize these to develop ideas and economic analyses and to create models. Are ideas or bodies of knowledge applied to create another concept

Answer 10

Economic Tools

Question 11

They are diagrams of how one variable relates to another

Answer 11

Graph

Question 12

Is a simplified representation of data

Answer 12

Charts

Question 13

Can be defined as a mathematical expression showing the association of variables, or simply how variables “equate” to one another

Answer 13

Equations

Question 14

Is one in which the value does not rely on another variable

Answer 14

Independent Variables

Question 15

The statement, “variable a is a function of variable b” is equivalent to the statement “variable a is influenced by the changes in variable b”

Answer 15

Dependent Variables

Question 16

As the satisfaction or the value derived from the consumption of a good

Answer 16

Utility

Question 17

The extra satisfaction that an individual derives from the consumption of an additional unit of good within 2 given period, keeping other things constant

Answer 17

Marginal Utility

Question 18

Measurement of satisfaction

Answer 18

Utils

Question 19

Is represented by the point of tangency of the budget line with the highest indifference curve

Answer 19

Equilibrium Position

Question 20

Means “touching: in algebra rather than passing through

Answer 20

Tangent

Question 21

Refers to the willingness of consumers to buy a good or service given different price levels

Answer 21

Demand

Question 22

A process firms undergo to ensure the best output and price levels are achieved in order to maximize returns

Answer 22

Profit Maximization

Question 23

Conventionally used to refer to producers, manufactures or suppliers

Answer 23

Firm

Question 24

Refers to the amount of goods and services made available in the market

Answer 24

Supply

Question 25

As price of a good rises, quantity supplied also goes up

Answer 25

The Law of Supply

Question 26

What are the Determinants of Supply

Answer 26

Technology, Cost of Inputs, Price of Other Goods, Producer Expectation

Question 27

Refers to a financial assistance extended by the government to specific sectors or industries

Answer 27

Subsidy

Question 28

Are fees imposed by the government on individuals and business

Answer 28

Taxes

Question 29

Limits on the volume of trade imposed by the government to certain industries or goods

Answer 29

Quotas

Question 30

Is a limit on the volume of imported goods

Answer 30

Import Quota

Question 31

Is a restriction on the amount of exports

Answer 31

Export Quota

Question 32

Form of tax levied on imported goods

Answer 32

Tariff