What is Economics?
Economic Systems and Decison Making
Business Organizations
Market Structures
Misc.
100
The lack of lumber to finish two houses because there is a limited supply of workers represents this "fundamental economic problem".
What is scarcity?
100
The economic system based on tradition and custom is called this.
What is a traditional economy?
100
This business organization is the only one that has limited liability.
What is a corporation?
100
This market structure has the least amount of competition.
What is a monopoly?
100
This is the motivating force behind the free market.
What is self-interest (greed)?
200
These are the three basic economic questions.
What is 1. WHAT to produce? 2. HOW to produce? 3. For WHOM to produce?
200
The act of buyers and sellers freely and willingly engaging in market transactions.
What is voluntary exchange?
200
If the business is profitable, it may issue this – a portion of the profits – to each stockholder.
What are dividends?
200
A monopoly based on the ownership of a scientific process is called this.
What is a technological monopoly?
200
The resources used to make all the goods and services are called this.
What are the four factors of production?
300
The situation in which some necessities have little value while some non-necessities have a much higher value.
What is paradox of value?
300
This vocabulary word means the the consumer is ruler of the market.
What is consumer sovereignty?
300
A merger between companies that make the same kind of things.
What is a horizontal merger?
300
This is the market structure where many companies are selling similar but not identical products.
What is monopolistic competition?
300
A market situation in which a few very large sellers of a product dominate the market.
What is an oligopoly?
400
The market in which households purchase goods and services is called this.
What is the product market.
400
This economic system does not produce enough public goods (health care, defense, education).
What is a market economy?
400
A firm that has at least 4 businesses that make unrelated products.
What is a conglomerate?
400
The amount of control over price that a perfect competition market has is called this.
What is none.
400
There is no such thing as a free lunch.
What is TINSTAAFL?
500
This graph shows the maximum amount that an economy can produce.
What is the production possibilities curve?
500
An entrepreneur would have the most success in this type of economic system.
What is a market economy?
500
A voluntary association that carries on some kind of economic activity that will benefit its members.
What is a cooperative association?
500
A market situation where costs are minimized by having a single firm produce the product is called this.
What is a natural monopoly?
500
Actions in one part of the country or world have an economic impact on what happens elsewhere is called this.
What is economic interdependence.
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