Test 6 - Misc. Stuff Flashcards
What term described the exclusive power of an independent state to rule and regulate internal affairs without foreign interference?
National Sovereignty
What term describes how reducing taxes makes more money available for private investment, thereby increasing productivity?
Supply-side Economics
What type of inflation is caused when the demand becomes greater than the supply?
Demand-Pul
What is the trait of doing quality work in an efficient manner?
industriousness
What is the result when the division of labor is carried past the point of maximum efficiency?
Overspecialization
What term describes large, complex organizations composed of appointed officials and numerous departments?
bureaucracies
What term describes the separation of work into individualized tasks?
Division of Labor
What field of study deals with specific components within a major economy.
Microeconomics
What type of contract forces a consumer to buy certain products before he can buy the ones he really wants?
A Tying Contract
What was the name of the French group whose members were some of the earliest influential advocates of laissez-faire economics?
physiocrats
What should the primary responsibilities of a government be?
Rewarding good and punishing evil
What are the parts of a business cycle?
Expansion
Peak
Recession
Trough
A population increase will cause what type of change?
change in demand
Which economic system is guided by the choices made by the private sector?
Free Enterprise
Which economic system is regulated by the public sector?
Command
