Econ Terms
Economics would not exist without this
Scarcity
If Demand for a good is elastic and its price goes down, then total revenue for businesses will:
Go up
This is the Market term where one firm controls almost, if not all, of the goods and services in a market
Monopoly
T/F:
In a sole proprietorship, it is possible for the entrepreneur to obtain total ownership of all profits
True
True/False:
If a dollar depreciates then foreign goods become less expensive.
False
A type of socialist economic system
Command Economy
T/F:
Weather can affect the supply curve
True
Private individuals running and owning firms of their own can happen in a __________ _________ System
Free enterprise or Free Market
A price FLOOR results in a:
Surplus
Accumulation of Deficits is called
The National Debt
Generally Rising Prices.
Inflation
this is when one persons actions benefit another.
Positive externatilities
When there is a surplus in the market, Prices may:
Fall, Decrease, Drop
Every Dollar Sent in to circulation is controlled by:
The Federal Reserve (The Fed)
The objective of Fiscal Policy is
to increase total spending and reduce unemployment.
An adverse affect on a third party
Negative extrenality
Demand is the ________'s side of the market
Buyer
Machinery and Tools fall in this category
Capital
A government set wage floor is known as:
Minimum Wage
How much buyers respond to a change in price is
Elasticity
Potential Profit motivates this type of business person
Entrepreneaur
Give an Example of Both Substitutes and Compliments
Many Answers
Products are identical in a ____________ _____________ Market
Perfectly Competitive
Total Market Value of All Goods and Services produced in a Year.
GDP (Gross Domestic Product)
Spending high levels of money on Advertising and Packaging is indicative of a _____________ ___________________ Market
Monopolistic Competitive