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economics precision exam Flashcards

1
Q

definition and example of human resources/labor

A

-valued for physical and mental work they do to produce goods or services

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2
Q

identify how a business might apply marginal analysis

A

to determine the potential benefits of an increase in bread production.

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3
Q

explain barriers to entry (start up costs, technology, patents)

A

an obstacle that can make it challenging for a new business to succeed in its industry.

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4
Q

explain economic stabilization through government intervention

A

expanding spending or cutting taxes to stimulate an ailing economy

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5
Q

define comparative advantages

A

the ability of an individual or group to carry out a particular economic activity (such as making a specific product) more efficiently than another activity.

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6
Q

define discount rate

A

the minimum interest rate set by the Federal Reserve for lending to other banks.

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7
Q

define business sector

A

an area of the economy in which businesses share the same or a related product or service

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8
Q

how does the fiscal policy affect individuals, businesses, governments, societies, and nations

A

Taxes influence the economy by determining how much money the government has to spend in certain areas and how much money individuals should spend.

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9
Q

5 characteristics of money

A
  1. durability
  2. portability
  3. divisibility
  4. stability
  5. acceptability
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10
Q

define quotas

A

a limited quantity of a particular product which under official controls can be produced, exported, or imported

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11
Q

6 main economic goals of the US

A
  1. providing public goods
  2. ensuring competition
  3. dealing with externalities
  4. promoting economic stability
  5. promoting economic security
  6. promoting economic growth
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12
Q

define proportional taxes

A

an income tax system that levies the same percentage tax to everyone regardless of income

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13
Q

define regressive taxes

A

type of tax that is assessed regardless of income

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14
Q

define income tax

A

tax levied by a government directly on income

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15
Q

define scarcity

A

demand is greater than supply

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16
Q

how do policymakers use the fiscal policy to accomplish their goals regarding the US economy

A

they lower taxes to increase spending and fuel the economy, they also increase taxes to decrease spending to reduce inflation

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17
Q

define reserve ratio

A

the percentage of deposits a financial institution must hold in reserve as cash.

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18
Q

how is comparative advantage used in analyzing trade decisions

A

to explain why companies, countries, or individuals can benefit from trade

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19
Q

define sales tax

A

a tax imposed on the sale of goods and services

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20
Q

define tarrifs

A

a tax or duty to be paid on a particular class of imports or exports.

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21
Q

explain laissez faire

A

hands off government

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22
Q

define monopolistic competition

A

a lot of businesses sell similar products that only have a few differences

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23
Q

define embargoes

A

an official ban on trade or other commercial activity with a particular country.

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24
Q

describe how voluntary exchange between households and businesses create a circular flow of money, products, and resources

A

businesses sell resources and households buy resources. The resources flow one way (counter-clockwise) and money flows the other (clockwise).

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25
John maynard keynes theory
economic stabilization through goverment intervention
26
6 determinants that cause shift in demand
1. consumer and taste preferences 2. market size 3. income 4. price of complementary goods 5. price of substituted goods 6. consumer expectations
27
market economy definition
an economic system in which production and prices are determined by unrestricted competition between privately owned businesses.
28
definition and example of capital rescources
manufactured or constructed items used to produce goods or services
29
4 types of unemployment
1. frictional 2. structural 3. cyclical 4. seasonal
30
define incentives
a thing that motivates or encourages one to do something.
31
how can a country´s exports be impacted by currency fluctuations
When a currency appreciates, its goods are more expensive to other countries
32
define cyclical unemployment
the number of people out of work as a result of a temporary setback in the economy
33
define corporations
a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
34
advantages of household/ consumer competition
it encourages businesses to produce and boosts the economy in general.
35
explain difference between wants and needs and give examples of each
want- a desire for things that are not required for survival need- a requirement for survival
36
6 determinants that cause a shift in supply
1. price of resources 2. govt. regulations 3. technology 4. competition 5. price of related goods 6. producer expectations
37
four market structers
1. perfect competition 2. monopolistic competition 3. oligopoly 4. monopoly
38
define trade-offs
a balance achieved between two desirable but incompatible features; a compromise.
39
adam smith theories
invisible hand and lassiez faire
40
command economy definition
an economy in which production, investment, prices, and incomes are determined centrally by a government.
41
list 3 types of taxes governments levy
1. income tax 2. property tax 3. sales tax
42
define credit
the ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future.
43
define equity financing
a method of raising fresh capital by selling shares of the company to public, institutional investors, or financial institutions
44
definition and example of entrepreneurship
the activity of setting up a business or businesses, taking on financial risks in the hope of profit
45
define fiat value of money
a currency that lacks intrinsic value and is established as a legal tender by government regulation.
46
compare fiscal and monetary policies
Monetary policy is primarily concerned with the management of interest rates and the total supply of money in circulation and is generally carried out by central banks, such as the U.S. Federal Reserve (Fed). Fiscal policy is a collective term for the taxing and spending actions of governments.
47
define commodity value of money
value of the commodity (like metal) that the money is made of
48
explain the invisible hand
when people look out for their own self interest, it betters the economy
49
who wrote the wealth of nations
adam smith
50
2 ways businesses might raise capital
1. debt financing 2. equity financing
51
3 forms of exchange
1. barter 2. credit 3. money
52
define progressive taxes
where the average tax burden increases with income.
53
advantages of producers/ businesses competition
Greater competitiveness creates more productivity and better quality of products and services.
54
define oligopoly
relatively few sellers, industry leaders usually determine price
55
3 monetary policy tools
1. discount rate 2. reserve ratio 3. buying and selling govt. securities
56
2 types of money value
1. commodity 2. fiat
57
define consumer price index (CPI)
an index of the variation in prices paid by typical consumers for retail goods and other items.
58
3 forms of business organizations
1. sole proprietorship 2. partnerships 3. corporations
59
compare marginal benefit to marginal cost
Marginal benefits are the additional benefits to consumers from consuming one additional unit of that good, while marginal costs are the costs of producing one more unit
60
define trade deficit
the amount by which the cost of a country's imports exceeds the value of its exports.
61
define absolute advantages
the ability of an individual or group to carry out a particular economic activity more efficiently than another individual or group.
62
define diminishing marginal utility
as we consume more of an item, the amount of satisfaction produced by each additional unit of that good declines
63
what is the impact of barriers to trade
reduction in imports, increased domestic production, and higher consumer prices.
64
examples of how people respond to predictably to incentives (entrepreneurship)
an increase in incentives will increase individual income
65
how is the price of imported goods is affected by currency fluctuations
A currency appreciation (when the value increases over time) results in a lower effective price for imported goods
66
define monetary policy
set of actions available to a nation's central bank to achieve sustainable economic growth by adjusting the money supply.
67
define debt financing
the act of raising capital by borrowing money from a lender or a bank, to be repaid at a future date
68
responsibilities of federal reserve
1. supervise and regulate banks 2. administer monetary policy 3. provide financial services for the US government and member banks
69
difference between goods and services
goods are purchasable items, services are paying for a skill
70
define structural unemployment
unemployment resulting from industrial reorganization, typically due to technological change, rather than fluctuations in supply or demand.
71
define property tax
a type of taxation that requires owners of land and buildings to pay an amount of money based on the value of their real property, or land and buildings
72
explain the role of the US in today global economy
lots of imports and exports
73
define opportunity cost
the loss of potential gain from other alternatives when one alternative is chosen.
74
define anti-trust laws
aims to promote fair competition and prevent unfair business practices that could harm consumers
75
karl marx and fredrick engels theories
socialism and communism
76
definition and example of natural resources/land
- items found in the environment that are used to produce goods and services
77
define perfect competition
many businesses sell a lot of identical products for about the same price to many buyers
78
explain the theories of socialism and communism
workers and property owners would have conflicts and disagreements, leading workers to overthrow their employers and bosses
79
traditional economy definition
a system that relies on customs, history, and time-honored believes
80
how does the monetary policy affect individuals, businesses, governments, societies, and nations
consumers are less likely to buy things they would normally finance—such as houses or cars—and businesses are less likely to invest in new equipment, software, or buildings.
81
3 types of taxes that governments use to raise revenue
1. progressive 2. regressive 3. proportional
82
3 functions of money
1. medium of exchange 2. store of value 3. measure of price
83
define property rights
the exclusive authority to determine how a resource is used, whether that resource is owned by government or by individuals.
84
define labor force
all the members of a particular organization or population who are able to work, viewed collectively
85
define frictional unemployment
the unemployment which exists in any economy due to people being in the process of moving from one job to another.
86
define currency fluctuations
the changes in the value of one currency relative to another
87
explain store of value
an asset, commodity, or currency that can be saved, retrieved, and exchanged in the future without deteriorating in value
88
define monopoly
market controlled by one supplier, and there are no substitute goods or services readily available

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