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business 1201 > Final Exam: Ch 13 > Flashcards

Final Exam: Ch 13 Flashcards

1
Q

the value missed out on when you choose between two or more options

A

opportunity costs

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2
Q

the day to day drivers of what happens in the economy. individuals, families and companies

A

Microeconomics

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3
Q

national level policies, economy-wide phenomena. Federal taxes, money spent on education

A

Macroeconomics

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4
Q

having less than quantity demanded

A

scarcity

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5
Q

the balancing of giving up one thing to get another

A

trade-off

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6
Q

one of our most precious and scarce resources

A

time

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7
Q

the price that supply is equal to demand

A

market clearing price

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8
Q

more supply than demand

A

surplus

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9
Q

more demand than supply

A

shortage

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10
Q

when things are purchased together

A

complimentary goods

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11
Q

goods and services that are purchased instead of each other

A

substitute goods

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12
Q

that will be purchases regardless of income

A

necessity goods

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13
Q

even with large change in prices, there will be little change in the quantity demanded

A

inelastic demand

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14
Q

when a product either has good subsitutes or is not considered essential

A

luxury product

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15
Q

as price increases, the quantity demanded can have large changes

A

elastic demand

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16
Q

the ability to produce a good at a lower opportunity cost than someone else

A

comparative advantage

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17
Q

persons productivity is greater for all tasks compared to someone else

A

absolute advantage

18
Q

the products that are made in other countries and sold domestically

A

imports

19
Q

the products that are produced domestically and sold in other countries

A

exports

20
Q

a tax on imports to make them more expensive and the domestic industry seem more competitive by comparison

A

tariffs

21
Q

limits the amount of a good that can be imported

A

quota

22
Q

provides financial support to make an export cheaper and better be able to compete with other countries

A

subsidy

23
Q

there are a larger number of buyers and sellers so that no one person or company can control supply or demand

A

pure competition

24
Q

a marketplace in which there are a few sellers and there are barriers to entry such as high start up costs

A

oligopoly

25
Q

when a single seller dominates the market and there are no good substitution for the product or service

A

monopoly

26
Q

created when local, state, or federal governments grant exclusive rights to a single company to provide a product or service.

A

regulated monopoly

27
Q

the economy is always going through periods of expansion and contraction

A

business cycle

28
Q

when the economy starts to contract

A

recession

29
Q

an overall measure of the output of a goods and services of the economy in a given period of time

A

gross domestic product (GDP)

30
Q

causes prices to increase

A

inflation

31
Q

affects the supply of money requirements in the banking system, and interest rates

A

monetary policy

32
Q

the government’s influence on the economy through spending and taxation

A

fiscal policy

33
Q

____ studies how individuals, households, and companies make decisions and how they interact with markets.

A

microeconomics

34
Q

____ studies the economy-wide impact of phenomena

A

macroeconomics

35
Q

____ is having less of than the quantity demanded.

A

scarcity

36
Q

one of the most precious resources is ____

A

time

37
Q

If the supply of something increases, the price will ____.

A

decrease

38
Q

If the demand of something increases, the price will ____.

A

increase

39
Q

Minimum wages can cause a(n) ____.

A

surplus

40
Q

___ are purchased together

A

complementary goods

41
Q

the market clearing price will not change unless something happens to the market

A

equillibrium

business 1201 (5 decks)

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