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Final Flashcards

(71 cards)

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1
Q

Economic system in which the means of production are privately owned and operated for profit

A

Capitalism

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2
Q

Government decided what, how, and when answering the three economic questions

A

Command economy

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3
Q

Business are privately owned and the government may make laws to protect workers

A

Mixed economy

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4
Q

Based on common produce farming, hunting,gathering, and food

A

Traditional Economy

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5
Q

Study of the economy
Government, inflation, unemployment

A

Macroeconomics

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6
Q

Study of economic units such as individual firms and markets
Supply and demand, production costs, labor costs

A

Microeconomics

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7
Q

Most desirable alternative given up when you make a choice

A

Opportunity cost

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8
Q

Unlimited wants but limited resources

A

Scarcity

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9
Q

Knowledge concerned with the production, consumption, and transfer of wealth

A

Economics

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10
Q

Utility = satisfaction

A

Diminishing marginal utility

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11
Q

When a change in price either up or down leads to a relatively larger change in quantity demanded

A

Elasticity

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12
Q

demand is increases for a limited amount of products so prices rise

A

Shortage

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13
Q

demand for an overstocked product is decreased so prices fall

A

Surplus

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14
Q

Giving a producer/government a loan and they agree to pay you back with interest rates

A

Bond

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15
Q

An investment and ownership

A

Stock

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16
Q

The actual cash reward per share given to shareholders in the most recent quarter

A

Dividend

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17
Q

Every partner has a limited personal liability for the debts of the partnership

A

Limited liability

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18
Q

A combination of two companies into one larger company

A

Merger

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19
Q

Fairness in the overall distribution of income and wealth

A

Equity

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20
Q

Legally binding contracts between the lessor and the lessee

A

Lease

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21
Q

prices increase over a given period of time

A

Inflation

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22
Q

Short-term government bonds that are very safe and low-risk

A

T-bill

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23
Q

Financial institutions that link borrowers with lenders

A

Bank

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24
Q

A financial institution owned by a social or economic group

A

Credit union

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25
An independent agency created by the Congress to maintain stability and public confidence in the nations financial system
Federal deposit insurance corp
26
A mandatory payment from the state and government to cover city repairs, school funding etc
Tax
27
A tax that takes the same percentage of income from all income groups
Proportional
28
A tax that takes a larger percentage of income from high income groups than from low income groups
Progressive
29
A tax that takes from low income groups rather than high income groups
Regressive
30
Countries that have low levels of income and face severe structural impediments to sustainable development
Least developed country
31
Works to achieve sustainable growth and prosperity for all of its 191 member countries
The International Monetary Fund
32
The only global international organization dealing with the rules of trade between nations
The world trade organization
33
Tax imposed by one country on goods imported from another county
Tariff
34
The limited number or quantity of something which is officially allowed
Quota
35
Government payments used to protect an industry they have the opposite effect of taxes
Subsidies
36
Four factors of production
Land Labor (Human Resources) Capital (manufactured goods) Entrepreneurship
37
A market structure in which only one seller sells a product for which there are no close substitutes
Monopoly
38
A market structure where one company is the single source for a product and there are no substitutes for the product available
Pure monopoly
39
Which MANY sellers offer similar but not standardized products
Monopolistic competition
40
A market structure in which only a FEW sellers offer similar product, less competitive than monopolistic competition
Oligopoly
41
A market structure in which there are many sellers but only one large buyer
Monopsony
42
Partners share the liability and responsibility equally
General partnership
43
Only one partner is required to be the general partner, only one partner assumes the liability and responsibility
Limited partnerships
44
A legal entity that is owned by individual stockholder public or private, each of whom have limited liability for a firm debt
Corporations
45
Aimed to create a free trade zone among the US, Canada, y Mexico
NAFTA
46
An economic and policy ally Union of 27 countries
EU
47
Collects timely information on the impact of challenges facing the economy
BICS
48
Why do countries trade?
To export what they can produce at a lower cost relative to other countries
49
Determines the exchange rate for currencies
Inflation, interest rates, account deficits, trade balances, and public debt
50
What are some of the polices that have encouraged free trade
FTA
51
6 goals of the American economy
Stability, security, economic freedom, economic growth, full employment, equity
52
Economic spectrum
GPD (y axis) Time (x axis) Peak Recession Trough Expansion and recovery
53
Mathematical equation for profit
Profit/cost price x 100 = profit %
54
Advantages of sole proprietorship
Full control, earn all profit, few regulations
55
Disadvantages of sole proprietorship
Total personal liability Limited access to resources Lack of permanence
56
Advantages of partnership
Easy to start up Shared decision making opportunities Allow for partners to pool their assets
57
Disadvantages of partnership
Liability is unlimited Great chance of conflict Disagreements
58
Advantages of corporations
Limited liability for the owners Easy to transfer ownership Long life business venture
59
Disadvantages of corporations
Expense and difficult to start up Double taxation More legal requirements
60
Functions of money 1
Medium of exchange - any item that sellers accept as payment for goods and services
61
Functions of money 2
Standard value - provides people with a way to measure the relative value of goods and services by comparing prices
62
Functions of money 3
It can be saved for later use BUT Must be non-perishable Must hold value over time
63
3 goals of our economy
Full employment Maintain value of the dollar Strong steady economy
64
What to do during inflation or recession
Expansionary/contractionary monetary policy (increase/decrease money supply)
65
To increase money supply the fed should
Decrease discount rate
66
To decrease the money supply the fed should
Increase the discount rate
67
The act allowing domestic consumers to buy goods and services from other countries
Free trade
68
Government decisions about taxes and spending to influence the economy
Fiscal policy
69
When the government spends more money than it brings in from taxes
Déficit
70
3 monetary policies
Reserve ratio Discount rate Open market operations
71
Two tools of fiscal policy
Government spending and taxes

Econ (4 decks)

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