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119 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Teens never have enough money to have what they want what is the basic problem of economics |
Constant demand in limited supply scarcity |
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What is a good or service that governments get from household |
Labor and taxes |
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The four factors of production |
Labor land capital and entrepreneurship |
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What are the opportunity cost of going to the gym for a workout rather than setting for the economics test |
Less prepared might fail test for better health |
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How are goods and services distributed in a free market economic system |
Uneven because of voluntary exchange or ability to pay |
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What are the benefits of having several gas stations on a major highway intersection |
They drive each other's prices down |
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Free market system price functions as |
Incentive for producers to increase or decrease demand or setting quota |
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What is a major incentive in the free market system |
Economic freedom or profit |
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Who wrote about communism |
Karl Marx |
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In a command economy prices are allowed to seek market equilibrium true or false |
False there set by the government |
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What do production possibilities curves show |
Combination of two things given a set of resources
Production possibility and how resources can be used |
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Under what conditions with the curve moved to point F or move down |
Lack of availability of resources |
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Under what conditions will the curve move to point G or move upward |
What are resources and technology made available |
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Write the law of demand and symbols were P equals price and QD equals quantity demanded |
P⬆️ QD⬇️ P⬇️ QD⬆️ |
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Write the law supply in symbols were P equals price and QS equals quantity supplied |
P⬇️ QS⬆️ P⬆️ QS⬇️ |
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What is equilibrium |
When quantity demanded equals quantity supplied |
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What happens to price when surplus exists |
Go down to equilibrium |
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What happens to price when a shortage exists |
Price increase to equilibrium |
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What is the law of diminishing marginal utility |
As you consume additional satisfaction gain from units of good eventually each unit of good decreases |
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What is the most common form of business organization |
Sole proprietorship |
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Interims of profit what are the most productive business type |
Corporation |
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From least competitive to most competitive label the diagram of business markets |
Perfect competition, monopolistic competition, oligopoly, monopoly |
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Which market has the least degree a price control |
Perfect competition |
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Which market has the greatest degree of price control |
Monopoly |
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What is the purpose of the Sherman antitrust act of 1890 |
Restricts growth of monopolies raises unemployment |
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Recession |
A period of declining GDP for six month |
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Trough/depression |
The lowest point of GDP of a business cycle |
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Expansion |
A period of increasing GDP lowering unemployment |
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Peak |
Highest point of a business cycle |
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What does gross domestic product measure |
Total and value of all goods and services produced by a country in one yeAr |
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What does the consumer price index measure |
Rate of inflation from year to year |
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What does the unemployment rate measure |
The percent of unemployed a adult who are looking for a job |
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Why is a unemployment rate of 5 to 6% considered acceptable |
frictional unemployment |
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Describe two problems in a centrally planned command economy |
Ignore the basic wAnts/needs of the consumer
Rewards for individual intintavies are rare |
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Describe two problems in a centrally planned command economy |
Ignore the basic wAnts/needs of the consumer
Rewards for individual intintavies are rare |
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What is the role of government towards ownership the factors of production in the ideas of Karl Marx command and Adam Smith free market |
Karl Marx believe that the government owns all and controls more
Adam Smith believe the government owns nothing and there's less control |
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Describe two problems in a centrally planned command economy |
Ignore the basic wAnts/needs of the consumer
Rewards for individual intintavies are rare |
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What is the role of government towards ownership the factors of production in the ideas of Karl Marx command and Adam Smith free market |
Karl Marx believe that the government owns all and controls more
Adam Smith believe the government owns nothing and there's less control |
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What type of unemployment is experienced by a welder in an automobile factory who is replaced by a robot welder |
Structural |
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Describe two problems in a centrally planned command economy |
Ignore the basic wAnts/needs of the consumer
Rewards for individual intintavies are rare |
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What is the role of government towards ownership the factors of production in the ideas of Karl Marx command and Adam Smith free market |
Karl Marx believe that the government owns all and controls more
Adam Smith believe the government owns nothing and there's less control |
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What type of unemployment is experienced by a welder in an automobile factory who is replaced by a robot welder |
Structural |
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Defined the term structural unemployment |
Employment caused by one fundamental change in the economy that reduces the demand for some workers |
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Defined the term frictional unemployment |
Frictional unemployment is when a worker cannot find work |
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Defined the term frictional unemployment |
Frictional unemployment is when a worker cannot find work |
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A golf coaches unemployed from November to March what type of unemployment is the coach experience |
Seasonal unemployment |
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Defined the term frictional unemployment |
Frictional unemployment is when a worker cannot find work |
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A golf coaches unemployed from November to March what type of unemployment is the coach experience |
Seasonal unemployment |
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Construction worker is laid off due to the decline in home building due to the recession what type of unemployment is a worker experiencing |
Cyclical unemployment |
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Defined the term frictional unemployment |
Frictional unemployment is when a worker cannot find work |
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A golf coaches unemployed from November to March what type of unemployment is the coach experience |
Seasonal unemployment |
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Construction worker is laid off due to the decline in home building due to the recession what type of unemployment is a worker experiencing |
Cyclical unemployment |
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What generally described as the rise in the general level of all prices |
Inflation |
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Defined the term frictional unemployment |
Frictional unemployment is when a worker cannot find work |
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A golf coaches unemployed from November to March what type of unemployment is the coach experience |
Seasonal unemployment |
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Construction worker is laid off due to the decline in home building due to the recession what type of unemployment is a worker experiencing |
Cyclical unemployment |
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What generally described as the rise in the general level of all prices |
Inflation |
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An increase in the money supply can lead to which type of inflation |
Demand pull inflation |
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Defined the term frictional unemployment |
Frictional unemployment is when a worker cannot find work |
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A golf coaches unemployed from November to March what type of unemployment is the coach experience |
Seasonal unemployment |
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Construction worker is laid off due to the decline in home building due to the recession what type of unemployment is a worker experiencing |
Cyclical unemployment |
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What generally described as the rise in the general level of all prices |
Inflation |
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An increase in the money supply can lead to which type of inflation |
Demand pull inflation |
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Sudden increase in the price of crude oil to produce a product it's called |
Supply-side inflation |
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Defined the term frictional unemployment |
Frictional unemployment is when a worker cannot find work |
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A golf coaches unemployed from November to March what type of unemployment is the coach experience |
Seasonal unemployment |
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Construction worker is laid off due to the decline in home building due to the recession what type of unemployment is a worker experiencing |
Cyclical unemployment |
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What generally described as the rise in the general level of all prices |
Inflation |
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An increase in the money supply can lead to which type of inflation |
Demand pull inflation |
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Sudden increase in the price of crude oil to produce a product it's called |
Supply-side inflation |
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How does inflation hurt people on fixed income |
It hurts them because prices rise but wages do not |
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Defined the term frictional unemployment |
Frictional unemployment is when a worker cannot find work |
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A golf coaches unemployed from November to March what type of unemployment is the coach experience |
Seasonal unemployment |
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Construction worker is laid off due to the decline in home building due to the recession what type of unemployment is a worker experiencing |
Cyclical unemployment |
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What generally described as the rise in the general level of all prices |
Inflation |
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An increase in the money supply can lead to which type of inflation |
Demand pull inflation |
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Sudden increase in the price of crude oil to produce a product it's called |
Supply-side inflation |
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How does inflation hurt people on fixed income |
It hurts them because prices rise but wages do not |
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Fed controls what policy |
Monintary |
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Defined the term frictional unemployment |
Frictional unemployment is when a worker cannot find work |
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A golf coaches unemployed from November to March what type of unemployment is the coach experience |
Seasonal unemployment |
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Construction worker is laid off due to the decline in home building due to the recession what type of unemployment is a worker experiencing |
Cyclical unemployment |
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What generally described as the rise in the general level of all prices |
Inflation |
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An increase in the money supply can lead to which type of inflation |
Demand pull inflation |
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Sudden increase in the price of crude oil to produce a product it's called |
Supply-side inflation |
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How does inflation hurt people on fixed income |
It hurts them because prices rise but wages do not |
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Fed controls what policy |
Monintary |
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The Fed regulates what rate to achieve national economic goals |
Interest |
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Defined the term frictional unemployment |
Frictional unemployment is when a worker cannot find work |
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A golf coaches unemployed from November to March what type of unemployment is the coach experience |
Seasonal unemployment |
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Construction worker is laid off due to the decline in home building due to the recession what type of unemployment is a worker experiencing |
Cyclical unemployment |
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What generally described as the rise in the general level of all prices |
Inflation |
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An increase in the money supply can lead to which type of inflation |
Demand pull inflation |
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Sudden increase in the price of crude oil to produce a product it's called |
Supply-side inflation |
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How does inflation hurt people on fixed income |
It hurts them because prices rise but wages do not |
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Fed controls what policy |
Monintary |
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The Fed regulates what rate to achieve national economic goals |
Interest |
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If the unemployment rate is 9% what will the Fed do |
Lower rates apply loans causing spending to increase |
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Defined the term frictional unemployment |
Frictional unemployment is when a worker cannot find work |
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If the inflation rate is 9% what will the Fed do |
Raise interest rates are less money will be available total spending |
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A golf coaches unemployed from November to March what type of unemployment is the coach experience |
Seasonal unemployment |
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Construction worker is laid off due to the decline in home building due to the recession what type of unemployment is a worker experiencing |
Cyclical unemployment |
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What generally described as the rise in the general level of all prices |
Inflation |
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An increase in the money supply can lead to which type of inflation |
Demand pull inflation |
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Sudden increase in the price of crude oil to produce a product it's called |
Supply-side inflation |
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How does inflation hurt people on fixed income |
It hurts them because prices rise but wages do not |
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Fed controls what policy |
Monintary |
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The Fed regulates what rate to achieve national economic goals |
Interest |
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If the unemployment rate is 9% what will the Fed do |
Lower rates apply loans causing spending to increase |
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What are the two tools used by Congress to achieve the fiscal policy goals of low unemployment stable prices and growing economy |
Lower taxes with easy money and expansionary policy and increase spending |
If the unemployment rate is 10% and rising what type of fiscal policy would recommend contractionary or expansionary |
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The unemployment rate is temperature and rising what type of fiscal policy would you recommend contractionary or expansionary why |
Expansionary increased government spending and creates jobs |
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What is the law of comparative advantage |
Countries may be out produced by other nations |
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How do you trade barriers such as tariffs and quotas increase the price of goods available in America |
And makes it more challenging to bring foreign goods overseas causing us to pay more on taxes of the trade goods and how much we bring in because it's limited |
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European Union and the North American Free Trade Agreement are trade agreements to what |
To reduce tariffs between countries |
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European Union and the North American Free Trade Agreement are trade agreements to what |
To reduce tariffs between countries |
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Explain two arguments for globalization |
It promotes trade and creates jobs |
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European Union and the North American Free Trade Agreement are trade agreements to what |
To reduce tariffs between countries |
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Explain two arguments for globalization |
It promotes trade and creates jobs |
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Explain to arguments against globalization |
Growing dependence on other nations and comparative advantage lower opportunity cost then other nations |
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