ECON EOC PRACTICE II

Réussis tes devoirs et examens dès maintenant avec Quizwiz!

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


Ensembles d'études connexes

social psychology chapter 10- aggression and antisocial behavior

View Set

Chapter 15 Infection Control Review Questions

View Set

Guide to Operating Systems - Chapter 4

View Set

Anatomy 1- truncus pulmonalis. Arcus aortae, truncus branchiocephalicus, aorta thoracica. Vena cava cranialis

View Set

Chapter 27-Assessing Female Genitalia & Rectum

View Set

Chapter 14: Direct, Online, Social Media, and Mobile Marketing

View Set