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Supply and Demand
Economic Systems
Consequences
Social Policy
Econ 101
100
An economic principle that describes a consumer’s desire and willingness to pay a price for a specific good or service.
What is Demand?
100
This economic system includes economic activity under state control, the state determines prices, government regulation, and state ownership of factories and farms.
What is Command Economy, Planned Economy or Communism?
100
Policy where it is believed the government should take NO part in business. French-term.
What is Laissez-Faire?
100
This government benefit prevents severe hardship, applies to eligible workers in all industries, gets the unemployed back to work through job search assistance, and sustains consumer purchasing power to help the economy.
What are Unemployment Benefits?
100
The costs of this investment include a return limited to investment plus fixed interest rate, bad investment option during times of inflation, and no ownership in corporations. The benefits of this investment include a decreased level of risk compared to other forms of investing, investment income provided by collecting interest, and it is a good investment during times of deflation.
What are bonds?
200
A fundamental economic concept that describes the total amount of a specific good or service that is available to consumers.
What is Supply?
200
This economic system has government ownership of utilities and resources, laws that limit market forces, supply and demand determine prices, and the government encourages private ownership of property.
What is a Mixed Economy or Socialism?
200
Wrote Wealth of Nations and is considered the father of modern economics and capitalism.
Who is Adam Smith?
200
Known as the EPA, this government administration works to protect the environment of the U.S.
What is the Environmental Protection Agency?
200
This type of investment carries the following benefits: -Build Equity - Steady Positive Cash Flow Generation - Renting the property during the holding period allows the investor to earn positive cash flow while benefiting from significant capital appreciation - Significant Potential Tax Advantages Disadvantages include: -Upkeep on property -Susceptible to market conditions -Less liquid asset than other investments
What is Real Estate?
300
A situation in which a country, individual, company or region can produce a good at a lower opportunity cost than a competitor.
What is Comparative Advantage?
300
This economic system includes free trade, supply and demand determine prices, no government interference or regulation, personal investment, and entrepreneurial spirit.
What is Free Market Economy or Capitalism?
300
This was the unintended consequence of the planned economy of the Soviet Union. a. rapid growth of heavy industries b. increased trade union opposition c. decreased personal property rights d. chronic shortages of consumer goods
What is chronic shortages of consumer goods? D
300
This federal health-care program is for: * People 65 and over * People of any age who have kidney failure or long term kidney disease * People who are permanently disabled and cannot work
What is Medicare?
300
This is a company that brings together money from many people and invests it in stocks, bonds or other assets. The combined holdings of stocks, bonds or other assets the fund owns are known as its portfolio. Each investor in the fund owns shares, which represent a part of these holdings. The benefit is that it spreads out the risk of investing in only one thing and the group approach allows for the purchase of large blocks of shares.
What is a Mutual Fund?
400
This happened to the price of alcohol in the United States after the 18th Amendment went into effect.
What is it went UP?
400
Both a command economy and a mixed economy share this common quality. a. free trade b. personal investment c. entrepreneurial spirit d. government regulations
What are government regulations? D
400
This is an economic theory which holds that the prosperity of a state is dependent upon its supply of capital; that the global volume of international trade is "unchangeable;" and that one party may benefit only at the expense of another. Developed in Europe as feudalism dies out, intended to unify and increase the power and monetary wealth of a nation by strict government regulation of the entire economy, designed to secure bullion, a favorable balance of trade, the development of agriculture and manufacturing, and foreign trading monopolies.
What is Mercantilism?
400
This government program provides funds for - Old-age insurance for retirees 65 or older - Unemployment compensation - Aid to families with dependent children and the disabled
What is Social Security?
400
The cost of an alternative that must be forgone in order to pursue a certain action. Put another way, the benefits you could have received by taking an alternative action, or the difference in return between a chosen investment and one that is necessarily passed up. Example: Say you invest in a stock and it returns a paltry 2% over the year. In placing your money in the stock, you gave up the opportunity of another investment - say, a risk-free government bond yielding 6%. In this situation, the lose you received by making your choice was 4% (6% - 2%). This is known as __________.
What is Opportunity Cost?
500
Henry Ford was able to lower the cost of manufacturing cars mainly by using this.
What is mass production assembly line?
500
This economic system denies personal property rights.
What is a Command Economy, Planned Economy or Communism?
500
An unintended consequence of this social program created in the 1930's is that people do not save as much for their retirement because they are relying on this program to provide them with income when they retire.
What is Social Security?
500
During the depression many public works programs were instituted to build a variety of things like roads, bridges, buildings, lakes, dams, airports, etc. Critics argued that the projects cost to much. Supporters claim they provided much needed infrastructure and provided jobs for the millions of unemployed. Name 2 such programs.
What is WPA, CCC, PWA, TVA, CWA?
500
Complete the diagram. Impact of Machinery in the Textile Industry 1. adoption of spinning jennies and water frames in textile industry 2. decline in need for skilled labor in factories 3. ??????? 4. hiring of women and children in textile factories Choose one: a. decrease in wage levels b. increase in work safety codes c. increase in the price of textile goods d. decrease in the supply of textile goods
What is a. decrease in wage levels?