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Economics/Civics > Economics BA > Flashcards

Economics BA Flashcards

0
Q

How do labor unions impact competitive markets?

A

Cost of labor

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1
Q

How do large stores affect mom and pops stores?

A

Economies of sales

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2
Q

How do consumers keep the markets competitive?

A

Low cost products

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3
Q

What does an increase in price lead to?

A

Increased profits

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4
Q

What are incentives to attract buyers?

A

Equals lower prices for consumers

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5
Q

What causes an increase for hybrid cares?

A

High oil/gas costs

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6
Q

Why will a business pay for an employees education?

A

To increase their output

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7
Q

Why did GM invest in new technology?

A

To increase efficiency

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8
Q

When a business invests in physical capital, what will others do?

A

It will force others to stay competitive

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9
Q

What happens when production costs go down?

A

Supply will increase

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10
Q

What happens if raw material prices increase?

A

It will lead to a decrease of supply

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11
Q

What is the law of supply?

A

Quantity of goods supplied is greater at a high price than at a lower price

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12
Q

What is the law of demand?

A

Consumers will purchase more at lower prices

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13
Q

What is an example of substitution?

A

When the cost of pizza increases, people will buy more hot dogs

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14
Q

What is the elasticity of demand for insulin?

A

Change in price will not affect the demand

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15
Q

What concept explains the price of hamburger and demand for hamburger buns?

A

Complementary goods

16
Q

What government policy will cause an increase in demand for windows?

A

Tax incentives for home improvement

17
Q

What is the role of the US government?

A

Protect the property rights of individuals and businesses

18
Q

How does the government protect consumers?

A

Health and safety standard for goods and services

19
Q

What is equilibrium?

A

Where supply and demand meet on a graph

20
Q

What does an increase in consumers equal

A

Increase in demand

21
Q

What is the advantage of a command economy?

A

Full employment

22
Q

What is an advantage of a market economy?

A

Efficiency

23
Q

What is a statement Karl Marx would agree with?

A

One will live according to their ability and to their need.

24
Q

What economic system will answer the needs of the consumer?

A

Market/mixed

25
Q

What happens in a command economy?

A

Shortages

26
Q

Why is the US a mixed economy?

A

Both market and command (government rules)

27
Q

What flows from a business to a consumer?

A

Resources = end product

28
Q

Factor market

A

Labor goes to business

29
Q

What would happen if the population of the US increases?

A

Labor flow to business will also decrease

Economics/Civics (8 decks)

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