ECON EOC PRACTICE II
what is an economic or productive factor required to accomplish an activity
resource
what is it called when you have limited quantities of resources used to meet unlimited wants
scarcity
what is a social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society
socialism
what is the concentration of the productive effort of individuals and firms on a limited number of activities
specialization
what is an economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services
traditional system
what is a payment made by an employer to an employee
wage
what is financial compensation in exchange for labor
wage
the machines and robots at the KIA plant are an example of
capital
what is a formal organization of producers that agree to coordinate prices and production
cartel
what are two goods that are bought and used together
complementary goods
what is a legal entity owned by individual stockholders
corporation
what is the desire to own something and the ability to pay for it called
demand
which country represents a substantial degree of socialism
denmark
what is the measure of how consumers react to a change in price
elasticity
what is the point at which the quantity demanded and the quantity supplied are equal called
equilibrium price
when a state agreed to lower tax rate for one corporation so that the corporation builds a plant or factory in that state, it is an example of
incentive
what is the study of economic behavior and decision making of small units, such as individuals, families and businesses called
microeconomics
when a consumer buys a car from a dealership, this is an example of what
microeconomics
what is a market structure in which many companies sell products that are similar but not identical
monopolistic competition
corporations are in business for what
profit
if a person makes a necklace that only costs $2.00 to make, and then sells the necklace for $12.00, they make a $10.00
profit
what is the financial gain made in transactions
profit