3rd Nine Weeks

Question 1

Study of choices; the common science of how and why businesses make choices

Answer 1

Economics

Question 2

Biblical concept that refers to a persons responsibility to make proper choices

Answer 2

Stewardship

Question 3

A tangible product

Answer 3

Good

Question 4

Intangible product

Answer 4

Service

Question 5

Product that costs you something, something you don’t want

Answer 5

Nuisance good

Question 6

Economic cost of something

Answer 6

Is the value people place on it

Question 7

Value of something because it means something to you

Answer 7

Subjective value

Question 8

Large scale (city, government)

Answer 8

Macroeconomics

Question 9

Small scale (small business)

Answer 9

Microeconomics

Question 10

Not being able to get enough of something (limited wants)

Answer 10

Insatiability

Question 11

Not having enough (running low)

Answer 11

Scarcity

Question 12

Everything has an opportunity cost

True or false

Answer 12

True

Question 13

Worth determined by the nature of the product itself (ex. Gold)

Answer 13

Intrinsic value

Question 14

For a small business (microeconomics)

Answer 14

Production possibility graph

Question 15

Two basic elements of the circular flow model l

Answer 15

Business and households

Question 16

Most important factor of production

Answer 16

Entrepreneurship

Question 17

What are models used for

Answer 17

Instruction and prediction

Question 18

Any withdraw from a financial market

Answer 18

Dissaving

Question 19

Payment made by the government with no anticipation of repayment

Answer 19

Transfer payment

Question 20

Act of buying

Answer 20

Demand

Question 21

People purchase when they have a regular income

Answer 21

Normal good

Question 22

Goods That are purchased when people can’t afford normal goods

Answer 22

Inferior goods

Question 23

Things that are purchased together

Answer 23

Complementary

Question 24

The amount of product the company is willing to provide at various prices

Answer 24

Supply

Question 25

An excess of unsold products

Answer 25

Surplus

Question 26

What’s the solution of a surplus

Answer 26

Increase demand

Question 27

What’s the solution to a shortage

Answer 27

Decrease demand

Question 28

Receive no additional satisfaction when you buy more and more of the same product

Answer 28

Diminishing marginal utility

Question 29

Market equilibrium price is static True or false

Answer 29

False

Question 30

Price ceiling is counterproductive True or false

Answer 30

True

Question 31

What has a change in demand

Answer 31

Change in preference, people’s income, technology, production cost, price

Question 32

What is circular flow model? Macroeconomics or microeconomics?

Answer 32

Macroeconomics

Question 33

Who said utility of the user determines the value of the product?

Answer 33

Carl menger

Question 34

Three functions of price

Answer 34

To provide incentives, to transmission information, to redistribute income

Question 35

Utility for the user...

Answer 35

Determines the value of the object

Question 36

What best describes modern America

Answer 36

Capitalism

Question 37

Father of communism

Answer 37

Karl Marx

Question 38

Measure a nations wealth through gold and silver

Answer 38

Mercantilism

Question 39

Example of a public good

Answer 39

Highways

Question 40

Chief advantage of a corporation

Answer 40

Limited personal liability

Question 41

Disadvantage to a corporation

Answer 41

- higher taxes - greater government regulations - lack of secrecy - impersonality

Question 42

Portion of products

Answer 42

Dividend