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?
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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