Chapters 1-2
Turning nuisance goods into economic goods
What is recycling
Goods and services that appear quickly on the scene, receive heavy advertisement, and sell in great quantities over a short period of time.
What are fad items?
In a command economy, _____________ makes most of the economic decisions.
What is an individual or committee?
A share or portion of ownership in a corporation.
What is stock?
A tangible thing that has a measurable life span
What is a good
An intangible item
What is a service?
Producers do this when prices are high.
Producers do this when prices are low.
What is?
1. Producers tend to increase the amount of products supplied.
2. Producers tend to decrease the amount of products supplied.
A main goal of a command economy is __________.
What is closing the gap between the rich and poor and/or a low rate of unemployment
Business firm owned by 2 or more people.
What is a partnership?
Goods that consumers pay to have removed
What are nuisance goods?
A thing is valued because of the nature of the product
The point at which consumers are willing to take from the market the exact quantity of a product that suppliers are willing to sell or produce.
What is market equilibrium?
The idea that the government should generally leave the economy alone.
What is Laissez-Faire?
A form of business that combines the benefits of a corporation with those of a partnership.
What is an LLC?
A common-sense science of how and why people, businesses, and governments make the choices they do.
What is Economics?
An object's usefulness to the buyer that determines its worth.
What is subjective value?
Three factors that can cause a business to supply more or less of a product when the price has not changed.
What is:
1. change in technology
2. change in product costs
3. change in the price of related goods
Three main economic questions that all eonomic systems (nations) try to answer.
What is:
1. What will the nation produce?
2. Who will receive what is produced?
3. How will the nation produce its goods and services?
A method of grouping certain stocks in types of industries and to report on the behavior of prices within these industries.
What is a stock index?
In a free market economy, ___________ makes most of the economic decisions.
Who is private individuals?
His work inspired a generation of economists to embrace and promote free market economics.
Who is Ludwig Von Mises?
Some factors (3) other than price, that may cause a change in demand for a product?
What are: 1. change in people's incomes
2. change in the price of related goods
3. change in people's tastes and
preferences
Government's acquisition of the ownership of major industries.
What is nationalization
Privately managed stock portfolios.
What are mutual funds?
A stockholder plays what type of role in the company's operations? (3 answers)
What is:
1. Own a part of a corporation
2. Participate in company activities as an owner
3. Cast votes on business decisions proposed by the board of directors