Transcript Economics Outcomes - Hillsdale Community Schools

Economics Outcomes
Final Exam
CH 1 What is Economics
• 4
• Economists call the resources used to make all
goods and services the _____ of _____.
Factors production
• Know the factors of production (land, labor,
capital, entrepreneurs)
CH 1 What is Economics
• 8
• According to the _____ and _____ example, if
a country decides to spend more on military
goods, the country will have less money to
devote to consumer goods.
• Guns butter
Ch 1 What is Economics?
• 9
• The most desirable alternative given up as a
result of a decision is called the _____ _____.
• Opportunity cost
CH 2 Economic Systems
• 26
• A _____ economy relies on habit, custom, or
ritual to decide what to produce, how to
produce it, and to whom to distribute it.
• Traditional
• know 4 types of economic systems
(traditional, market, planned or command,
mixed)
Ch 2 Economic Systems
• 42
• The flow of goods, services, and money
between households and businesses in the
free market can be represented as flowing
_____ ____ _____.
•
• In a circle
CH 2 Economic Systems
• 43
• The purpose of the free enterprise system is
to give _____ freedom to make _____ choices.
•
• Consumers economic
CH 4 Demand
• 79
• When shoes at a local store went on sale at 50
percent off the regular price, the store sold
almost every pair it had in less than a day.
Which economic principle does this illustrate?
• Law of demand
Ch 5 Supply
• 103
• Farzona is opening a new coffee shop and is
having trouble deciding on the price to charge for
cappuccino. How will determining all the supply
schedules of coffee shops in her market help
Farzona? The market supply schedule would help
Farzona determine the _____ supply of
cappuccino at a certain _____.
• Total certain
Ch 5 Prices
Know how to find
the equilibrium
point on a graph.
Ch 7 Market Structures
• 153
• Factors that make it difficult for new firms to
enter a market are called _____ _____ _____.
• Barriers to entry
CH 8 Business Organization
• 185
• In a _____ two or more persons share
ownership and divide the responsibilities and
profits.
• Partnership
CH 8 Business Organization
• 190
• In a _____ proprietorship, one owner earns all
the profits and is responsible for all the debts.
• Sole
Ch 8 Business Organization
• 196
• Advantages of incorporating include limited
liability for owners, _____ ownership, and
ability to attract _____.
• Transferable capital
CH 9 Labor
• 233
• Collective bargaining, mediation, and
arbitration involve negotiations between
_____ and _____ leaders.
• Union, company
CH 10 Money and Banking
• 245
• Durability, portability, and uniformity are all
essential characteristics of _____.
• Currency
CH 10 Money and Banking
• 254
• The _____ _____ System improved the
banking industry in the twentieth century by
serving as a central bank with the power to
lend to other banks in time of need.
• Federal Reserve
CH 11 Financial Markets
• 274-275
• A bank is a _____ intermediary.
• Financial
CH 10 Money and Banking
• 281
• The _____ and _____ Commission is a
government agency that regulates financial
markets and investment companies.
• Security exchange
CH 12 GDP and Growth
• 303
• An economist uses real GDP rather than
nominal GDP to measure growth because real
GDP reflects _____ more accurately than
nominal GDP by using _____ prices.
• Output constant
CH 2 Competition
• 31
• ___-_____is the motivating force behind the
free market?
• Self-interest
CH 13 Economic Challenges
• 348, 349
• The _____ Curve can show the distribution of
income.
• Lorenz
CH 13 Economic Challenges
What does the Lorenz
Curve show about the
distribution of income ?
P 348, 349
The distribution of income
was not completely equal.
CH 14 Taxes and Government
Spending
• 360
• To what category do a person’s earnings, the
dollar value of a good or service, the value of
a property, and the value of a company
belong?
• Tax bases
CH 14 Taxes and Spending
• 361
• The kind of tax represented by the federal
income tax rate table is a _____ tax.
• Progressive
CH 14 Taxes and Spending
• 361
• With a progressive tax, the tax rate _____ with
the amount of ____ income.
• Rises taxable
CH 15 Fiscal Policy
• 406
• The _____ _____ effect influences businesses
because deficit spending by the federal
government makes it harder for private
businesses to borrow.
• Crowding out effect
Ch 15 Fiscal Policy
• 432
• Once the government has determined a new
monetary or fiscal policy, the policy takes
some amount of time to become effective.
This delay is known as the _____ _____.
• Outside lag
CH 17 International Trade
• 444
• A nation can gain a comparative advantage is
by producing a _____ with a _____
opportunity cost.
• Product lower
CH 18 Economic Development
• 471
• When considering developed nations and lessdeveloped nations, one should remember that
“development” refers to a nation’s ability to
_____, _____ and _____ its people.
• feed, clothe, shelter
CH 18 Economic Development
• 479
• A consequence of rapid population growth for
less-developed countries is that to maintain its
current level of _____, a country must
increase its _____.
• Development employment