EFES FINAL (95)

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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.


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