economics outcomes final exam. ch 1 what is economics 4 economists call the resources used to make...
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Economics Outcomes
Final Exam
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CH 1 What is Economics
• 4• Economists call the resources used to make all
goods and services the _____ of _____.
• Know the factors of production (land, labor, capital, entrepreneurs)
Factors production
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CH 1 What is Economics
• 8• According to the _____ and _____ example, if
a country decides to spend more on military goods, the country will have less money to devote to consumer goods.
• Guns butter
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Ch 1 What is Economics?
• 9• The most desirable alternative given up as a
result of a decision is called the _____ _____.• Opportunity cost
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CH 2 Economic Systems
• 26• A _____ economy relies on habit, custom, or
ritual to decide what to produce, how to produce it, and to whom to distribute it.
• Traditional
• know 4 types of economic systems (traditional, market, planned or command, mixed)
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Ch 2 Economic Systems
• 42• The flow of goods, services, and money
between households and businesses in the free market can be represented as flowing _____ ____ _____.
• • In a circle
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CH 2 Economic Systems
• 43• The purpose of the free enterprise system is
to give _____ freedom to make _____ choices.• • Consumers economic
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CH 4 Demand
• 79• When shoes at a local store went on sale at 50
percent off the regular price, the store sold almost every pair it had in less than a day. Which economic principle does this illustrate?
• Law of demand
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Ch 5 Supply
• 103• Farzona is opening a new coffee shop and is having
trouble deciding on the price to charge for cappuccino. How will determining all the supply schedules of coffee shops in her market help Farzona? The market supply schedule would help Farzona determine the _____ supply of cappuccino at a certain _____.
• Total certain
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Ch 5 Prices
Know how to find the equilibrium point on a graph.
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Ch 7 Market Structures
• 153• Factors that make it difficult for new firms to
enter a market are called _____ _____ _____.• Barriers to entry
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CH 8 Business Organization
• 185• In a _____ two or more persons share
ownership and divide the responsibilities and profits.
• Partnership
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CH 8 Business Organization
• 190• In a _____ proprietorship, one owner earns all
the profits and is responsible for all the debts.
• Sole
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Ch 8 Business Organization
• 196 • Advantages of incorporating include limited
liability for owners, _____ ownership, and ability to attract _____.
• Transferable capital
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CH 9 Labor
• 233 • Collective bargaining, mediation, and
arbitration involve negotiations between _____ and _____ leaders.
• Union, company
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CH 10 Money and Banking
• 245• Durability, portability, and uniformity are all
essential characteristics of _____.
• Currency
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CH 10 Money and Banking
• 254• The _____ _____ System improved the
banking industry in the twentieth century by serving as a central bank with the power to lend to other banks in time of need.
• Federal Reserve
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CH 11 Financial Markets
• 274-275• A bank is a _____ intermediary.
• Financial
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CH 10 Money and Banking
• 281• The _____ and _____ Commission is a
government agency that regulates financial markets and investment companies.
• Security exchange
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CH 12 GDP and Growth
• 303• An economist uses real GDP rather than
nominal GDP to measure growth because real GDP reflects _____ more accurately than nominal GDP by using _____ prices.
• Output constant
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CH 2 Competition
• 31 • ___-_____is the motivating force behind the
free market? • Self-interest
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CH 13 Economic Challenges
• 348, 349• The _____ Curve can show the distribution of
income. • Lorenz
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CH 13 Economic Challenges
What does the Lorenz Curve show about the distribution of income ?P 348, 349
The distribution of income was not completely equal.
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CH 14 Taxes and Government Spending
• 360• To what category do a person’s earnings, the
dollar value of a good or service, the value of a property, and the value of a company belong?
• Tax bases
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CH 14 Taxes and Spending
• 361• The kind of tax represented by the federal
income tax rate table is a _____ tax.
• Progressive
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CH 14 Taxes and Spending
• 361• With a progressive tax, the tax rate _____ with
the amount of ____ income.
• Rises taxable
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CH 15 Fiscal Policy
• 406• The _____ _____ effect influences businesses
because deficit spending by the federal government makes it harder for private businesses to borrow.
• Crowding out effect
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Ch 15 Fiscal Policy
• 432• Once the government has determined a new
monetary or fiscal policy, the policy takes some amount of time to become effective. This delay is known as the _____ _____.
• Outside lag
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CH 17 International Trade
• 444• A nation can gain a comparative advantage is
by producing a _____ with a _____ opportunity cost.
• Product lower
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CH 18 Economic Development
• 471• When considering developed nations and less-
developed nations, one should remember that “development” refers to a nation’s ability to _____, _____ and _____ its people.
• feed, clothe, shelter
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CH 18 Economic Development
• 479• A consequence of rapid population growth for
less-developed countries is that to maintain its current level of _____, a country must increase its _____.
• Development employment