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Econ Finail

in a free market economy the factor market involes the following type of what exchange
Firms purchases factors of production from households
if a family purchases a dishwasher so that family member can save time for the more
This producation factor is called physical capital
the difference between a scarcity and a shortage
a scarcity occurs when there is limited quantities to meet unlimted wants. a shortage occurs when a good or service in unavailable
A traditional economy relies on habit custom or ritual to decide
what to produce, how to produce it, and to whom to distribute it
if ben has the money to buy either a bike or a badeball gloce and he buys the bike
the baseball glove is his opportunity cost
what anwsers the three questions about the producation of goods and services by the importance it attches to various economic goals and societal values
A Society
a public disclosure law helps the public by requiring
companies to give consumers important information about their products
what is the force driving the fee market is competition
the regulating force
what are three legtitmate reasons for the ggoverment to provide a good or service as a public good
A)the good or service should made available to everyone
B)increasing the number of consumers would increase would increase the cost to a private provider
C)it would be impratical to make consumers pay individually
what can work effectively toward explicitly stated goods, but ine disadanttage to this kind is that its profmance almost always falls short of its ideals
centrally planned econmies
improvments in what allow an economy to produce more output from the same or a smaller amount of inputs
what is the purpose of the free enterprise system
is to give consumers freedom to make econmoic choices
what are some basic principles of free enterprise
profit motive, legal equality, private property rights, free contract, and competition
what are factors that affect elasticity
A) availability of substitutes
B) the goods relative importance
C) whether the good is a necessity or luxury
where does the category that subsidies, excise taxes, and regulation belong
belong to is goverment’s influence on supply
what does when the price of goods goes up people get less for their money and consumption goes down. explian
this explians the realtionship between effect and consumption
dolores is bjuying fewer boxes of top ramen, clunker care fast food meals and heneric products became her income has rasin. nor she is eating high on the hog. she has a new beemer and only diner at the finest restaurant. the term “high maintenance” can be applied to her.
this shift in the demand curve caused by dolores income hasreilted in a decreased demand for inderior goods
according to the laws of supply
the higher the price the larger the quantity produced
the following government action is an attempt to control the high cost of rent for low income families:
price ceilings the reult of this action has been that few renters with the greastest need benefit from the program.
factors that make it difficult for new firms to enter a market are called
barriers to entry
what is ecomnomics?
it is the study of how people seek to satisfy their needs and wants by making chocies
without _________ there is no reason of economics
what system was used during World War II that was used to help ease shortages, andguarantee every american a minimum standard of living
rationing, not a price based system,
what is an oligopoly
is a market strucutre in which a few large firms dominate the market. Automobile manufacturers are examples of this
The differnence between a general partnership and a limited liability partnership (LLP)
is that in a LLP all partners are limited from personal liability in certain situations
Zoning laws
may keep sole proprietorshipd from operating out of their homes
An industry that ejoys economics of scale can easily become a natural monopoly
because average costs drop as producatin rises
The business organization that you should participate
in if you can only afford to lose the amount of your original investment is a limited partnership
If a firm sells natural gas to a city for one price and sells the same gas to a small village for another price this is called
price discrimination
Master Jun FAn took out a loan to buy martial arts equipment for his in home martial arts studio. if Master Fan’s business does not make enough money to pay back his loan he will have to sell property to cover his outstanding obligation Being a sole proprietor he is affected bu unlimted perosnal liability which does not affect other business organizations
As a sole proprietor
Franchises have become popular in recent years
became small franchise owners enjoy a degree of control and can benefit from the support o the partent company
face limited liability for the firm’s debts in a corporation
individual stockholders
consideration that keeps many firms from incorporating is that stockholders must pay personal income tax on dividends
An important peronal financial
when the Santa Fe and Burlington Northern Railroad merged to form a
single corporation this was called a horizontal merger

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