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Product code FinalstudyguideEcon-Quizlet165

1Q-What are the 3 basic economic questions all societies must address?

2Q-What are the 4 key elements of economic study?

3Q-What is the concept of opportunity cost?

4Q-What are the 5 characteristics of free enterprise? Be able to define them?

5Q-Why is the role of the entrepreneur so important?

6Q-How do consumers impact the economy?

7Q-What are the 4 roles of the government?

8Q-How is a sole proprietorship formed?

9Q-What is the difference between a general partnership and limited partnership?

10Q-What is the difference between common stock and preferred stock?

11Q-What are the 7 ways supply is changed and how do they do so?

12Q-What are the 3 elasticities and how do they differ?

13Q-What are the 4 advantages of price and why are they advantageous?

14Q-What is the difference between a craft union and an industrial union?

15Q-What are the 3 types of union activities?

16Q-What are the 4 types of union arrangements (shops) and how do they differ?

17Q-How are Mediation, Arbitration, and Fact-Finding different?

18Q-What are the 4 economic impacts of taxes?

19Q-How are proportional, progressive, and regressive taxes defined?

20Q-What does FICA stand for and what does if pay for?

21Q-What are the 5 other federal taxes?

22Q-What are the 2 kinds of government spending?

23Q-What are the steps to establishing the Federal Budget?

24Q-What is Medicaid and how does it differ from Medicare?

25Q-What is a balanced budget amendment?

26Q-What is a barter economy?

27Q-What are the 3 functions of money?

28Q-What is the difference between commodity money and fiat money?

29Q-What was the historical development of the dollar in the U.S.?

30Q-What are the 4 characteristics of money?

31Q-What were the 5 types of currency under the Greenback Standard?

32Q-What does FDIC stand for and why was it created?

33Q-What are the 3 other depository institutions?

34Q-What are the 5 types of nonbank financial intermediaries and how are they defined?

35Q-What are the 4 basic investment considerations?

36Q-What is a 401(k) plan?

37Q-What are the 3 components of a bond?

38Q-What are the 7 financial assets described and what are their characteristics?

39Q-What is the difference between the capital and money markets?

40Q-What is the difference between the primary and secondary markets?

41Q-What are the 2 measures of stock performance described?

42Q-What is a futures contract?
43Q-What is the difference between a call option and a put option?

44QBe able to describe Gross Domestic Product (GDP)

45Q-What is excluded from GDP and why?

46Q-What are the limitations of GDP?

47Q-Be able to describe Gross National Product (GNP)

48Q-What does NIPA stand for and what are the 5 income measures included in it?

49Q-What is the Output-Expenditure Model equation and what does each letter stand for?

50Q-What is the difference between current and real GDP?

51Q-What is a census?

52Q-What is the concept of the center of population?

53Q-What are the 3 factors affecting population growth?

54Q-Describe how each of the following can impact the business cycle?

55Q-Describe each of the following kinds of unemployment?

56Q-Describe each of the following, as they are related to inflation?

57Q-Describe the following reasons why the income gap is growing?

58Q-Describe the following antipoverty programs?


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1Q-What are the 3 basic economic questions all societies must address? 1A-What to produce How to produce it For whom to produce it

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