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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 one that affects the world economy is this, and the one that affects a household or firm is this.
What is Macro economics and Microeconomics
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 Federal reserve's job is to keep which two economic factors low?
What is unemployment and inflation?
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 are two ways that someone can profit from stock ownership- Name them
What is capital appreciation and dividend payments
There are five outcomes in the elasticity of demand. Name at least 2
What is: Unit Elastic, Relatively elastic, perfectly elastic, relatively inelastic and perfectly inelastic
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
There are three types of taxes that people pay in the United states. Name one, and give a definition or example of this type of tax
What is regressive, progressive, and proportional
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