1
This economic system is based upon public and governmental control of the production and distribution of nearly all national resources.
Communism
Large, complex organizations composed of appointed officials and numerous departments.
Bureacracies
What function of money allows people to compare the worth of one good with that of another good?
Measure of value
Which economic system is guided by the choices made by the private sector?
Free enterprise
Besides division of labor and automatic conveyance, what composes the “American System” of mass production?
Standardized parts
What is the sum cost of all the factors of production used in making goods?
Total Cost
What type of account guarantees a certain interest rate and has a specified maturity date?
CD
What is the value of all finished goods and services produced within a country during a years time?
GDP
What type of market model is dominated by only a few firms?
Oligopoly
What global organization was created to maintain international peace?
United Nations
What type of market model provides differentiated products?
Monopolistic competition
What is one of the safest ways to invest in a corporation?
Bonds
Besides time and rate of return, what else determines how much an investment grows?
Amount investment
Intangible good produced for which people expect to pay.
Service
What is it called when the division of labor is carried past the point of maximum efficiency?
Overspecialization
__________ is anything that is generally accepted as a means of payment.
Money
What type of market model results in firms that are price takers?
Perfect Competition
What is a system for the production, distribution, and consumption of goods?
Economy
What is the result when too much money is in circulation?
Inflation
What type of market model results when there is only one supplier of a good for which there is no substitute?
Monopoly
What type of economic system says reducing taxes makes more money available for private investment, thereby increasing productivity?
Supply side economics
What kind of inflation is caused when the demand becomes greater than supply?
Demand-pull
What is the relationship between a good’s price and the amount that people are willing to buy?
Demand
What usually results when a government fixes a good’s price above its equilibrium price?
Surplus
What is the total amount invested in the production of a good?
Input