What is Demand and Market Structures
What is Macroeconomics
What is Business Organizations
What is Economics/Prices
What is Federal Reserve System
100
What is Pure competition (perfect comp.)
What is Market structure characterized by a large number of well- informed independent buyers and sellers who exchange identical products.
100
What is a depression
What is An extremely severe recession
100
What is Sole Proprietorship
What is Unincorporated business owned and run by a single person who has rights to all profits and unlimited liability for all debts of the firm; most common form of business organization in the US
100
What is Allocation
What is The distribution of goods and services
100
How is the FED Organized
What is Board of Governors , Federal Open Market committee (FOMC),12 Regional Banks
200
What is monopolistic competition
What is Market structure having all conditions of pure competition expect for identical products; form of imperfect competition.
200
What is economic growth
What is An increase in real GDP
200
What is a Partnership
What is Unincorporated business owned and operated by 2 or more people who share the profits and have unlimited liability for the debts and obligations of the firm; same as general partnership
200
What is Specialization
What is The condition in which resources are primarily devoted to specific tasks
200
What is the Role of the FED
What is Central bank of the US; to promote economic growth and price stability
300
What is an Oligopoly
What is Market structure in which few large seller dominate and have the ability to affect prices in the industry; form imperfect competition
300
What is a recession
What is A decrease in real GDP lasting 6 month (2 quarters) or more
300
What is Corporation
What is Form of business organization recognized by law as a separate legal entity with all rights and responsibilities of an individual , including the right to buy and sell property , enter into legal contracts , sue and be sued
300
What is the relationship between education and standard of living
What is The higher your education, the higher your standard of living
300
What is Monetary policy
What is Actions by the Federal Reserve system to expand or contract the money supply
400
What is a Monopoly
What is Market structure characterized by a single producer ; form of imperfect competition
400
What is a peak and a trough
What is A peak is the highest point in the business cycle and a trough is the lowest point.
400
What is the incentive for an entrepreneur
What is To earn a profit (Profit motive).
400
What does the Circular flow chart show
What is Shows the higher degree of economic interdependence in our economy; The factors of production and the production and the products made from them flow in one way and the payments for the factors, which consumers spend on goods and service, flow in the opposite direction
400
What is Expansionary policy
What is (easy/loose) monetary policy expand the money supply so real GDP increases.
500
How is elastic/inelastic demand determined
What is Elastic: 1.Small price changes can make big changes in demand. 2.You can wait to buy. 3.Many substitutes are available 4.Large portion of income. Inelastic: 1.Price changes don't affect demand. 2.Lower price will NOT affect the amount bought. 3.Few if any substitutes are available. 4.You cant wait to buy.
500
What are the cause of Inflation
What is Demand-pull theory (all sectors of the economy try to buy more goods and services than the economy can produce), rising input costs (especially labor), wage-price spiral, and excessive monetary growth(money supply grows faster than the real GDP)
500
Name the Strengths/Weaknesses of each.
What is Sole Proprietorship: Strength: Easy to start. Weakness: Unlimited liability(Owner responsible for all losses and debts. Partnership: Strength: Easier to raise financial capital. Weakness: Unlimited liability and also conflicts between partners. Corporation: Strength: Limited liability. Weakness: Increased taxation, and difficult to start.
500
What is the Equilibrium price/market clearing price
What is Price where quantity supplied equals quantity demanded; price that clears the market
500
What is Contractionary policy
What is (tight) monetary policy to contract the money supply to fight inflation
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