EFES FINAL (95)
59
the production possibilities curve represents the maximum combinations of goods attainable with fixed recourses
48
the satisfaction or pleasure one gets from consuming a good or service is utility
2
the term scarcity in econ refers tot he fact that no country can produce enough produce enough products to satisfy everyones econ wants
49
the utility of a specific product varies from person to person using the product
50
an economic model is built using theory
86
an increase in the production of goods and services measured in real terms is econ growth
17
an investor should not chose to invest in a company because of catchy advertisements
6
as a consequence of the condition of scarcity individuals and communities have to make choices from among alternatives
90
bank reserves would decrease and the money supply would increase
89
bond prices would decrease and interest rates would increase
34
building equity in your home means that your home "appreciates" increases in value over time
32
denise realized that charity has some benefits to the individual that donates their recourses with one of those benefits being that social issues
45
owners have the most to lose if the business fails to make profit
30
patrick was judged at fault in an automobile accident. his insurance would not allow him his reward
4
spencer wants to buy a book. the econ perspective suggest that speaker will buy the book if the marginal benefit of the book is greater than the marginal cost
11
starting to save when you are over the age of 45 is not a wise strategy for planning for retirement
13
stock is a share in the ownership of the company
20
stocks, corporate bonds and treasury notes are all examples of investment options
88
the Fed would sell bonds
82
the banking system can create credit because loans by banking institutions return as new deposits
91
the bond scale would decrease the supply of loanable funds an the increase in interest rates would decrease the quantity demanded of loanable funds
81
the central characteristic of money is that it acts as a medium of exchange
62
the concern as a public as a whole describes the public interest
83
the domestic money supply will tend to rise if banks increase their lending actives
39
the entrepreneur has primarily been associated with willingness to take risks
3
the expression "additional cost" is another way of saying "marginal cost"
47
the expression that "there aint no such thing as a free lunch" means that there is an opportunity cost when recourses are used to provide
36
the factors of production are the four recourses used to produce goods and services
65
the food and drug administration is responsible for regulating food, drugs and cosmetic products
84
the funds, which a bank holds to meet its daily liquidity requirements are called cash reserved
70
the gov intervenes to redistribute recourses such as public goods
69
the gov spends tax money on public goods because the private sector has little incentive to do so
35
the homeowner ships rates are around 65% in the United States
55
the individual who brings together econ recourses and assumes the risk in a capitol econ is called entrepreneur
85
the level of business investments is influenced mainly by changes in real interest rates
78
the means through which goods and services are produced are called the factors of production
16
the number of shares you currently own does not effect the price of stock
66
the occupational safety and health administration is responcible for enacting policies to save lives
67
the part of the economy that involves the transactions of the government is the public sector
80
the person who checks out purchases at the super market is a part of human recourses
1
the primary focus of the study of economics is with making the most efficient use of of scarce productive resouces
95
a gov budget surplus is where gov revenue exceeds expiditure in a year
68
a highway is na example of a public good
76
a market economy is one in which individuals are free to exchange in business transactions
74
a mortgage is what we call a loan used for buying a house
56
a share of corporate stock issued by Ford Motor company would be considered capital
73
a stock exchange is what we call a market used for buying and selling stocks
64
a very powerful interest group that can bring about change that only benefits its members is defiantly not an advantage
7
a wise strategy for planning retirement is to invest in a company retirement plan regularly monitor social security and create a personal investment plan
79
a farmer, a teacher and a school building are not considered to be natural recourses
54
GRAPH
94
a budget is a statement of anticipated revenue and borrowing by the gov
42
a budget surplus when a business spends less than it takes in from profit is the opposite from a budget deflect
41
a commitment to a profession that requires continued training and offers a clear path for occupational growth is called a career
14
a company might issue stock to raise money to expand the company
18
a company stock might fall if it experiences a decline in earnings
23
a credit line is the amount of money a finance company is willing to advance to a narrower
75
capitalism is another name for the free enterprise system
51
ceteris paribus a basic assumption used in most econ theories is that all other things remain the same
71
collecting taxes to pay for public goods is one role of a gov
29
collision coverage would pay for damage to your automobile in an accident for which you were at fault
72
collusion is when members of an oligopoly are setting prices and production levels
10
compound interest is paid on the original amount of the loan and accumulated unpaid interest
21
credit card companies earn more interest payments if your repayment terms are spread over a long period of time
25
credit card companies earn more interest payments if your repayment terms are spread over the course of your lifetime
26
credit informations typically stays on your credit report for 7 years
38
customers, employees, and investors are examples of stakeholders
87
econ growth ultimately leads to higher living standards for the community which is important
58
econ recourses in the capitalst system are brought together by enterprising enterpenuers
44
financial recourses are also known as capital
93
fiscal policy refers to manipulation of the government income
5
goods that businesses offer for "free" to consumers are NOT also free to society because scarce resources were used to produce the free goods
53
if a consumer has an income of $200 the price of x is $5 and the price of y is $10
22
if you see information on your credit report that you believe is inaccurate you should not assume that the credit reporting company will eventually notice the error and make the necessary corrections
40
in a capitalist system, individuals own and operate the majority of businesses
92
in increase of the domestic money supply may be cause by the purchase of government securities by the federal reserve from the market
15
investors purchase stock with the hopes of increasing personal wealth
77
jackets, MP3 players and gasoline are all examples of goods
63
laws and standards on topics of public interest descries public policy
52
macroeconomics is the study of economics from the standpoint of the overall economy
57
money is not considered to be an econ recourse
8
money taken from your paycheck for social security is paid to eligible individuals who are currently retired or can no longer work
43
natural recourses human recourses and capital are all factors of production used to make goods and services
60
on a production possibilites curve the single optimal or best combination of output for any society depends upon the preferences of said society
46
one advantage of the sole-propieter type of business organization is flexibility with opportunity
33
one of the possible costs of donating to charity might be that the charity might be representing an illegitament source
12
opening a savings account can help you start establishing a positive credit history
61
private ownership of capital goods investments determined by private decisions rather than by state control and investment decisions
9
social security payments are equivalent to 40% of the income you earned prior to retirement
24
to avoid accumulating large amounts of debt it is a good idea to limiting your borrowing
37
when a business fails or does not make a profit owners have the most to lose
19
when considering investments we want to look for an investment with a high interest rate
31
you probably have little or no need for life insurance if you are a single person living alone or with parents
28
your home insurance policy has a $250 deductible if a small fire causes damage to our house
27
your home insurance provide for replacement value of personal property losses.