Unit 1 chapter 1 & 2 review

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Finance

A business function that includes all business activities that involve money is _________

Non price

A competitive advantage based on factors other than price is ________ competition

Inflation

A general rise in prices throughout an economy is called

Oligopoly

A market structure with a small number of business selling the same or similar products

Depression

A period of economic contraction that is severe and lasts a long time is called

Recession

A period of significant decline in the total output, income, employment, and trade in an economy

Weaker economy

A rising unemployment indicates a

Economics

A science that examines how goods and services are produced, sold, and used

Labor force

All the people in a nation who are capable of working and want to work

Business cycle

Alternating periods of expansion and contraction in an economy

Service

An action or task that is performed, usually for a fee

Capitalism

An economic system where the economic resources are privately owned by individuals rather than the government

Market

Anywhere a business exchange takes place

Price fixing

occurs when two or more businesses in an industry agree to sell the same good or service at a set price

Business

term for all the activities involved in developing and exchanging products

Commerce

the activities involved in buying and selling goods on a large scale

commerce

the activities involved in buying and selling goods on a large scale

Federal reserve system

the central bank of the United States is the

Gross domestic product

the market value of all final goods and services produced within a country in a given period of time

Businesses

Entrepreneurs take risks to start and run ____________________. A) economic resources B) opportunity costs C) factors of production D) businesses

Tax and spending

Fiscal policy involves _________ decisions made by the government

Output

Gross domestic product is also known as economic

Market

In a ____________ economy, individuals free to make their own economic decisions. A) market B) command C) centrally-planned D) traditional

Antitrust

Laws that promote fair trade and completion among business ate known as ______ laws

Monopoly

Market structure with one business that has complete control not a markets entire supply of goods and services

Wages

Money earned in exchange for work are ___________

Profit

Money that a business has left over after all the expenses and costs of running the business are paid

Shares

Ownership of a corporation is divided into

Goods and services

Products are commonly known as ___________. A) needs and wants B) goods and services C) factors or production D) functions of business

Inflation rate

Rate of change in prices calculated on a monthly or yearly basis

Need

Something a person must have to survive

Externality

Something that is not directly connected to economic activity, but that affects people, is called 5

Fiscal policy

Tax and spending decisions made by the president and Congress

Interest

The amount a borrower pays for a loan is

Profit

The driving force in choosing to start a business is _______. A) supply and demand B) market forces C) competition D) profit

Gdp

The economic growth rate of a country shows the amount and direction of the change in ______

Factors of production

The economic resources a nation uses to make good fed and supply services for its population

Command

The government makes all the economic decisions for its citizens in a __________ economy

Supply equals demand

The market price for a product is determined at a point where A) demand exceeds supply B) supply exceeds demand C) supply equals demand D) there is both a shortage and surplus

Productivity

The more products a worker produces in a given amount of time, the higher the workers _______

End of expansion

The peak of a business cycle marks the

Supply and demand

The price of product is determine by the law of ____________.

Indicators

The strength of an economy can be measured using the certain economic _______-

Opportunity cost

The value of the net best option that is not selected is ____________________. A) profit B) standard of living C) opportunity cost D) time utility

Needs and wants

Utility describes the characteristics of a product that satisfy ______. A) scarcity B) needs and wants C) opportunity costs D) supply and demand

Shortage

When demand for a product becomes greater than available supply, a(n) _________ develops A) surplus B) shortage C) equilibrium D) competition

Scarcity

When demand is higher than the available resources

Trade-off

When something is given up in order to gain something else

Specialization

Which is not a stage for the business cycle Specialization Expansion Peak Recession

Capitalism

Which of the following is NOT a function of business? A) capitalism B) marketing C) finance D) production

What are the factors of production?

Which of the following is NOT an important economic question related to scarcity that every nation must answer? A) what should we produce? B) how should we produce it? C) for whom should we produce it? D) what are the factors of production?

Promote monopolies

Which of the following is not a role of government in an economy Promote competition Provide a legal framework Promote monopolies Manage the economy

Stock market

Which type of spending is not a component of gdp A) consumer B) business C) government D) stock market

Capital

________ is all of the tools, equipment, and machinery used to produce goods and services

Place

___________ utility is added when products are available at convenient places

Customer

an individual or group who buys products

Product

anything that can be bought or sold

Monetary policy

Central bank regulation of money supply and interest rates


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