Master essential economic concepts with this comprehensive study guide, covering key terms, theories, and principles. Perfect for students preparing for exams or anyone seeking a solid foundation in economics. Understand the intricacies of markets, governments, and economic systems with ease.
Circle the letter of the Definition that corresponds to the displayed Term.
1. Factors of Production
A The inputs that are used in the production of goods or services in the attempt to make an economic
B: Many Buyers and Sellers. Few if Any Barriers to Exit or Entry. Homogeneous Products. Marginal Cost
C: When the consumers want more of a product or when the seller buys too much.
D: Gross national product (GNP) less allowances for capital consumption.
2. State Revenues
A: An elevated level of unemployment that is expected to occur at certain parts of the year.
B: indirect costs or overheads are business expenses that are not dependent on the level of goods or
C obtain the largest portion of tax revenues from property taxes and sales and gross receipts taxes.
D: if countries specialize in producing goods where they have a lower opportunity cost – then there will be
3. Structural Unemployment
A: (Excess demand), when the demand for a product or service exceeds it's supply in the market.
B: Govt. imposed price control or limit on how high a price is charged for a product. To protect consumers
C: Every resource is optimally allocated to serve each person in the best way while minimizing waste and
D A longer-lasting form of unemployment caused by fundamental shifts in an economy. (Lack job skill)
4. Strong Dollars
A: One firm tries to distinguish its product or service from competing products on the basis of attributes
B U.S. dollar has risen to a level against another currency that is near historically high exchange rates for
C: (Excess demand), when the demand for a product or service exceeds it's supply in the market.
D: The fundamental economic problem of having seemingly unlimited human wants in a world of limited
5. Scarcity
A: 1. What will be produced? 2. How will the goods and services be produced? 3. Who will get goods and
B The fundamental economic problem of having seemingly unlimited human wants in a world of limited
C: Govt. imposed price control or limit on how high a price is charged for a product. To protect consumers
D: The quantity of commodity that producers are willing to sell at a particular price at a particular point of
6. Weak Dollars
A U.S. dollar can exchange for fewer due to changes in the interest rate and outlook on the U.S.
B: indirect costs or overheads are business expenses that are not dependent on the level of goods or
C: progressive: on average, households with higher incomes pay a larger share of their income.
D: Govt. imposed price control or limit on how high a price is charged for a product. To protect consumers
Business - 2024/25 2024/2025 Edition
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