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Economics Semester Review
N/A
49
Economics
12th Grade
01/12/2011

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Cards

Term
Define Capital
Definition
Any human-made resource that is used to create other goods or services
Term
Factors of Production
Definition
Land, Labor, and Capital
Term
What is an efficient economy
Definition
An economy that uses resources in such a way as to maximize the production or output of goods and services
Term
What does the production possibilities frontiers curve show
Definition
Alternative ways to use an economy's resources
Term
Define Physical capital
Definition
All human-made goods that are used to produce other goods and services
Term
What is an entrepreneur
Definition
Ambitious leader who combines land, labor, and capital to create and market new goods and services
Term
What is a mixed economy based on
Definition
Market-based economy in which government plays a limited role
Term
Define a traditional economy
Definition
Economic system that relies on habit, custom, and ritual to decide questions of production and consumption of goods and services
Term
Define centrally planned economy
Definition
Economic system in which the central government makes all decisions on the production and consumption of goods and services
Term
Who owns the factors of production
Definition
Entrepreneurs
Term
Define Sole proprietorship
Definition
A business owned and managed by a single individual
Term
Define limited partnership
Definition
Partnership in which only one partner is required to be a general partner
Term
Define common stock
Definition
Stock whose dividends are bosed on market fluctuations
Term
What is a general partnership and how does it work
Definition
Partnership in which partners share equally in both responsibility and liability
Term
How does a company become incorporated
Definition
Seek a charter and register with the state
Term
Define Nonprofit organization
Definition
Institution that functions much like a business, but does not operate for the purpose of generating profits
Term
Define Chamber of commerce
Definition
An association of businessmen to protect and promote business interests
Term
What are the advantages of conglomerates
Definition
Diversification
Term
What are Public utilities
Definition
Companies that are without competition
Term
Define simple and compound interest
Definition
Single is payed on initial only, Compound is payed on both initial and previous interest
Term
What are the characteristics of money?
Definition
Duability, portability, divisibility, uniformity, limited supply, acceptability
Term
What are the advantages of a free maket economy?
Definition
Economic efficiency, freedom, and growth
Term
How is demand measured?
Definition
Ability and willingness to buy a product
Term
What is marginal utility?
Definition
Satisfaction a consumer enjoys by purchasing one more unit of a product
Term
How is the elasticity of demand determined
Definition
Measure of the way quantity supplied reacts to change in price
Term
Define Law of Demand
Definition
Economic law that states that consumers buy more of a good
Term
What is the principle of the law of supply
Definition
Tendency of suppliers to offer more of a good at a higher price
Term
What does inelastic mean in the law of supply
Definition
Demand not sensitive to change
Term
What effect does a rise in the cost of a product have
Definition
More expensive to produce
Term
How does new technology affect production
Definition
Price goes down, supply goes up
Term
How do subsidies affect food production in Europe and the U.S.
Definition
To have food in case imports are shut off
Term
Define diminishing marginal returns
Definition
Level of production in which the marginal product of labor decreases
Term
What is a credit union
Definition
Nonprofit bank owned by its members
Term
What are financial intermediaries
Definition
Institution that helps channel funds from savers to borrowers
Term
Define municipal bond
Definition
A bond issued by a state of local government
Term
What is a blue chip stock
Definition
Large, well-known company on the NY stock exchange
Term
Define Dow Jones
Definition
Index that shows how certain stocks have traded
Term
What is a Stock split
Definition
The division of a single share of stock into more than one
Term
Define a growth stock
Definition
Stock that reinvests its earning into its business
Term
Define Mutual fund
Definition
Funds that pool the savings of many people and invest in a variety of stock
Term
What is workfare
Definition
A program requiring work in exchange for temporary assistance
Term
Define underemployed
Definition
Working a job for which one is overqualified
Term
What is the Lorenz curve
Definition
Curve that illustrates income distribution
Term
How does the U.S. Census Bureau define family
Definition
Two of more related by birth living in the same house
Term
What is the largest age group living in poverty
Definition
Children
Term
What are the root causes of poverty
Definition
Lack of education
Term
What is NAFTA
Definition
Agreement that eliminates all tarriffs and barriers
Term
Who are the U.S. main trading partners
Definition
Canada, Mexico, Japan
Term
What country is the world's largest exporter of services
Definition
China
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