Cards in this guide (23)
What is a mixed economy
Generally speaking a mixed economy is one where the government
has controls over private industry through various types of
regulations. One example is the setting of the minimum wage. For
the most part a mixed economy does not require the government to
actually own any of the means of production. Also, a mixed economy
creates "authorities" to operate tunnels, bridges and airports.
What is a trade-off
A trade-off is an alternative that we sacrifice when we make a
decision.
Price effect is a combination of income effect and substitution effect
Yes, Price effect = substitution effect + income effect
Money that can be easily divided into smaller units of value has the characteristic of
What is the income people receive for supplying factors of production such as land labor or capital called
They are called factor payments.
How can population changes affect demand for certain goods
immediate demand for a good will go up if it's price is expected
to rise.
this is how population changes affect demand for certain
goods.
What is the effect of the interaction of buyers and sellers on a market
agreement on the price and quantity traded
Addressing the goal of what provides assurance that goods and services will be available and payments will be made on time
Government programs that protect people experiencing unfavorable economic conditions are
Which economic goal does a society consider when deciding the best way to distribute its wealth
The physical capital used by a woodworker to make furniture would include
In a traditional economy what are the economic decisions based largely on
What is an unitary elastic supply
A unitary-elastic supply indicates a good with a supply-price
elasticity of one, which means that a 1% change in price increases
supply by 1%.
What is an example of scarcity rather than shortage
A person wants an endless supply of everything but cannot have
it.
Which cost is an example of a variable cost
Sales and comssion on other categories
Which of the following is not a condition that most people would expect the safety net of the government to provide for
Which of the following is most important characteristic of an entrepreneur
Which occurrence could cause the demand curve for cars in your city to the left
A layoff of 500 workers at the city's airport could cause the
demand curve for cars in your city to the left.
Which is the government agency that covers customer deposits if a bank fails
Federeal Deposit Insurance Corporation (FDIC)
Which of the following is not an economic goal that influences how societies answer the three key economic questions
In order to know which of the following is not an economic goal
that influences how societies answer the three key economic
questions one would need to know the answer choices.
Objects that have value in themselves and that are also used as money is the definition for
Objects that have value in themselves and are also used as money
are referred to as commodity money.
What is the money multiplier formula
The money multiplier formula is the amount of new money that will be created with each demand deposit, calculated as 1 ÷ RRR.
You are an entrepreneur with an innovative idea for a new business. In which kind of economy would you have the most opportunity to try to achieve success
Most workers lack job security.