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Chapter 6: Market Structure
Chapter 7: Business Organizations
Chapter 9: Sources of Capital
Chapter 11: Economic Challenges
Chapter 10: Economic Performances
Chapter 16: Comparing Economic Systems
100
An ideal market structure in which consumers and producers each compete directly and fully under the laws of supply and demand
What is perfect competition?
100
This type of business organization allows an individual to have complete control and exclusive rights to all profits
What is sole proprietorship?
100
This type of business organization enables partners to join as investors but rarely assist in day-to-day operations
What is limited partnership?
100
Gross Domestic Product (GDP) adjusted for price changes
What is real GDP?
100
When workers are moving from one job to another
What is frictional unemployment?
200
A market dominated by a few large sellers
What is oligopoly?
200
unlimited liability, lack of longevity, and sole responsibility are disadvantages of this type of business organization
What is sole proprietorship?
200
All financial planning begins with a spending and saving plan called a
What is budget?
200
the market value of all final goods produced within a country in a specific period of time
What is gross domestic product (GDP)?
200
an increase in the money supply causes this
What is inflation?
300
Products are different rather than identical in this market structure
What is monopolistic competition?
300
unlimited liability and lack of longevity are two disadvantages sole proprietorship and this other type of business organization shares
What is partnerships?
300
These expenses remain constant from month to month, such as payments for mortgage and insurnace premiums
What are fixed expenses?
300
fluctuations, or changes, in a market system's economic activity
What are business cycles?
300
The economic system in which the basic economic questions are answered by government planners
What is command economy?
400
This type of monopoly encourages the granting of patents
What is technological monopoly?
400
This type of business organization can hire workers and own property as if it were an individual
What is corporation?
400
These type of expenses vary from month to month like expenditures for pizza and movies
What are flexible expenses?
400
period of business slowdown is known as a
What is contraction?
400
Economic system in which individuals answer the basic economic questions
What is market economy?
500
Key difference between perfect competition and monopolistic competition?
What is product differentiation?
500
This type of business organization enables partners to have equal decision-making authority and unlimited liability
What is general partnership?
500
Currently, Japan, Germany, France, and South Korea are this type of economic system
What is capitalism?
500
four stages of the business cycle
What are contraction, expansion, peak, and trough?
500
According to Adam Smith, economies would prosper from
What is profit motive, competition, and lack of government interference?