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57 Cards in this Set
- Front
- Back
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In a market economy the decisions of what how and whom are often determined by?
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consumers and business owners
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Economic decisions in a command economy are often made by?
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government agencies
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Which is not considered an economic and social goal of society?
economic efficency stablity economic growth entrepenuership |
entreprenuership
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Changes in a market economy tend to be...
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gradual
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It is dificult for economies to achieve all economic goals because
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the pursuit of one often leads to the impossiblity of achieving of another.
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the invisible hand is a metaphor used by adam smith
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to explain that if all people were free to pursue their self interst,the economy would naturally be guided to achieve the best for all.
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The have nots will
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rebel against the capilist syst. and instigate capistalism
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one key strenght of a comand econ is
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ability to adapt to differing needs in society
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a mixed econ is
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an econmic system that combines the qualities of other economic systems
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although computers have increased in production they have eliminated many jobs.
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achieving econ growth while not being able to achieve economic stabability.
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Johns parents were fisherman and now he is this is a...
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traditional economy
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jamie works in factory to fulfil gov qoutas. apartment owned by gov...this is a ....
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command economy
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The law of supply states that the price of a good rises, the quantity supplied decreases
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f
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The law of demand, the price of the good rises the amount demanded decreases
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t
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a rise in the price of chicken feed shifts the supply curve of chickens leftward
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t
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a rise in the price of chicken feed shifts the curve leftward....study the demand curve
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t
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New Technology for manufaturing computer chips is developed. The new technology will
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contribute to cheaper production of computer chips
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the ------ deparment compiles the nations output and incomes.
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commerce
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one weakness of a sole proprietshio it that the
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owner faces unlimited liability
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one advantage of a corporation is
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lifespan that is not linked to it's specific owner
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the manin adventage of partnerships have over sole proprietorships is
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ability to specialize
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Which of the following is an economic right of all businesses is us?
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voluntary exchange
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which of the following is and economic responsibility of all the businesses in the united states?
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conduct biz in an economic and responsible manner
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more money becomes available for economic growth
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people save
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saving makes economic growth possible because...
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buyers and sellers are working together to save
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in order to use the savings of others economy must have an..... system of savers investors and financial institutions
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financial
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the gdp which is the gross market value of all final goods and services produced in a nation in a yr is calculated by
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adding the expidures of the four sector, consumers, gov't business, and foreign copies) in the nation in one yr
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gdp is not a good measure of total production because
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only includes final goods
doesn't count household llabor tc black market |
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real gdp
nominal gdp |
...?
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whats the inflation rate from year 2 to 3 to the nearest percent
and 3 -4 1-95 2-108 3-119 4-140 |
10 perc
18percent |
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monopolys are typically created becuase
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industry has high barriers to entry
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monopilies have disadvantage in...
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....
prices innifeciency cost |
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oligraphy
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an industry dominated in a small number of forms
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one distinct difference
monolistic vs perfect competition |
product differentiation
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the shoe industry has many different types of shoes and brands this is an example of...
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monoplistic
or an oligraphy????? ????? |
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the airline industry in america is an example of--------------becomes new firms dominate the industry
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oligraphy
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main dif between inflation and deflation
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inflation is an overall increase in price whie deflation is an overall decrease
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trough is
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measured when economic growth is decreasing??????????????/
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recession
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major downturn in econ growth
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econ growth likely to occur?
decrease unemploy increase gdp |
yes
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econ growth likely to occur?
increase unempl hi inflation rate |
no
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econ growth likely to occur?
increase gdp |
y
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econ growth likely to occur?
recession |
no
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econ growth likely to occur?
expansion |
yes
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Labor movement refers to the...?
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efforts of workers to improve their economic position
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Labor movement resulted in...
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outlawing of child labor, 8 hr work day, safer working conditions
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A labor union is...
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seek better treatment, collective bargaining, goes on strikes if demands are not met
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The war industries board
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converted business to the war effort in ww1
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One of the most imp economic results if ww1 for the united states was the...
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the united states moving from being a debtor nation to a creditor nation
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During the hundred days
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congress passed many bills to relieve the great deppresion
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the federal deposit insurence corporation
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insured back depositers savings
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the social security act sought to help
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the unemployed, unemployable, elderly
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the civilian conservation corps
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Civilian conservation corps provided work to single young men, requiring them to send most of the money home to their families
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the agricultural adjustment act brought much criticism because
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offered money to farmers to destroy crops and leave land uncultivated
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The econnomic prosperity of 1990s was primarily due to
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internet, development comp industry, dot com business
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entry level economists typically must have a
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bachelors degree
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economic knowledge is
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important in every job
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