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There are 3 factors of production. Name them
What is land, labor and capital
The choice a government makes regarding national defense versus spending for social programs is called
What is guns or butter
When quantity supplied does not equal quantity demanded
What is disequilibrium?
What is Wealth of Nations?
Union membership has: declined, declined significantly, stayed the same, risen, risen significantly?
What is declined significantly?
The most desirable alternative somebody gives up as the result of a decision is this:
What is opportunity cost?
The total value of all final goods and services produced in a country each year
What is the Gross Domestic Product
The change in consumption that results in a response to change in prices is
Name one advantage of a franchise, and one disadvantage
Advantages- management and training/product/nationally recognized/advertising
Disadvantages- high franchise fees/strict standards/purchase and product restrictions
The strategy of spreading out investments to reduce risk is called
What is diversification?
When discussing micro and macro economics, The effect on the price of a good is this kind, and Supply of a good is this kind
There are 4 types of economies we discussed. Name them
What is traditional, mixed , market, and command (planned)
This is the quickest way to end a shortage
What is raising prices?
This type of merger is when firms join that are in different production stages, while this one is when two firms in the same industry join together
What is vertical and horizontal
The main reason a company would want to split their stock is:
To make shares more affordable (to small investors)
The structure of methods and principles a society uses to produce and distribute goods and services is called this:
What is an economic system
A good that would be inefficient or impractical to make consumers pay for individually is called this_____________ and name one example
What is public good....and ___________
There were 4 examples of redistribution programs provided. (each worth 100 points)
What is welfare, social security, food stamps, (farming) subsidies
4 conditions of monopolistic competition. Name them
1. many firms that lack high start up cost
2. few barriers to entry
3. little control over price
4. differentiated products
The difference between the selling price and the purchase price of a stock is called what?
What is capital gains?
2 parts: The use of fewer resources than an economy is capable of doing is ______________, while the use of resources in a way to maximize output of goods and services is this_____________
What is underutilized, and efficient.
There were 4 advantages of a market economy given, and 2 advantages of a planned economy. Name them (each one worth 100 points)
Planned- flexibility (change priorities quickly) and an ideal of economic equality
Market- Economic efficiency/Economic freedom/Economic growth/ Consumer Sovereignty
Give an example of why the demand curve would shift to the left, and an example of why it would shift to the right
left- heat wave, lockdown
right-healthier diet, preparation for natural disaster
I gave you 5 reasons why businesses succeed or fail. Name them (100 points for each)
What is resources, business plan, product, employees, and location
There are 6 characteristics of money. Name 5
What is....1. durable 2. portable 3. divisible 4. uniform 5. limited supply 6. acceptable as a form of payment