Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Economics > Exam Study Guide Vocab > Flashcards

Exam Study Guide Vocab Flashcards

0
Q

Basic requirement for survival

A

Need

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
1
Q

Social science dealing with how people satisfy

A

Economics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Something we would like to have

A

Want

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Risk taker

A

Entrepreneurs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Tangible economic product

A

Good

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Good that lasts for atleast three years

A

Durable good

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

An item that wears out or lasts fewer than 3 years

A

Non durable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Work or labor performed for someone else

A

Service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Ability or capacity of a good or service to be useful and give satisfaction to someone

A

Utility

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Economic system in which private citizens own and use the factors of production in order to generate profits

A

Capitalism

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Federal program of disability and retirement benefits that covers most working people

A

Social security

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Rise in the general level of prices

A

Inflation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Income that doesn’t increase even if the prices go up

A

Fixed income

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

The struggle among sellers to attract consumers

A

Competition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Situation in which a firm legally ceases to exist when an owner dies

A

Limited life

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Written government approval to establish a corporation

A

Charter

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Certificate of owner ship in a corporation

A

Stock

17
Q

Check paid to stockholders, usually quarterly, representing portion of corporate profits

A

Dividend

18
Q

Amount borrowed when getting a loan or issuing a bond

A

Principal

19
Q

Combination of two or more business enterprises to form a single firm

A

Merger

20
Q

Gradual wear on capital goods

A

Depreciation

21
Q

Process of negotiation between Union and management representatives over pay, benefits, and job related matters

A

Collective bargaining

22
Q

Rule stating that more will be demanded at lower prices and less at higher prices

A

Law of demand

23
Q

Products that increase the use of other products

A

Complements

24
Q

Principle that more will be offered for sale at higher prices than lower prices

A

Law of supply

25
Q

Total output or production by a firm

A

Total product

26
Q

Production level where total costs equals total revenue

A

Break even point

27
Q

Monetary value of a product as established by supply and demand

A

Price

28
Q

System allocating goods and services with out prices

A

Rationing system

29
Q

Partial refund of a products original price

A

Rebate

30
Q

Situation where quantity supplied is less than quantity demanded at a given price

A

Shortage

31
Q

Highest legal price that can be charged for a product

A

Price ceiling

32
Q

Price floor for agricultural products set by the government to stabilize farm income

A

Target price

33
Q

Agricultural loan that carries no penalty or further obligation if it’s not repaid

A

Nonrecourse loan

34
Q

Cash payment making up the difference between the market price and target price

A

Deficiency payment

35
Q

Philosophy that government should not interfere with business activities

A

Laissez faire

36
Q

Agreement usually illegal among producers to fix prices, limit output, or divide markets

A

Collusion

37
Q

Illegal combination of corporations or companies organized to hinder competition

A

Trust

38
Q

Market structure with a single seller of a particular product

A

Monopoly

39
Q

Court order issued to prevent a company or union from taking action during a labor dispute

A

Injunction

40
Q

Length of time a person has been on a job

A

Seniority

Economics (6 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions