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Learn vocabulary, terms, and more with flashcards, games, and other study tools. Match. Terms in this set (21) Short-term investments. system of production, resource allocation, exchange, and distribution of goods and services, an economic and political system in which a country's trade and industry are controlled by private owners, an economic and political system in which a country's trade and industry are completely controlled by the government, an economic and political system in which aspects of a country's trade and industry are controlled by the government, an infrastructure whereby parties engage in exchange, when on company holds exclusive possession or control of the supply in a commodity or service, goods that are made and used to make other goods and services, quantity and quality of human effort used for production of goods and services, factors derived from nature that are used to achieve a goal, discourage a person or course of action by removing an incentive, the process of taking an idea and developing into a business; involves initiative and risk, to encourage a person or a certain behavior, money value of a good or service that is charged to the customer, person who puts money into something, such as stocks, because the person hopes to make more money, negative incentive that makes people worse off, positive incentive that makes people better off, the chance of something turning out differently than expected, person who puts aside some money for future use. 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Unit 1 Economics Quizlet Education. 30 Multiple Choice Questions 1. the desire to own something and the ability to pay for it, price goes up, demand goes down; price goes down, demand goes up, when consumers react to an increase in a good's price by consuming less of that good and more of other goods, change in consumption resulting from a change in real income, a table that lists the quantity of a good a person will buy at each different price, a table that lists the quantity of a good all consumers in a market will buy at each different price, a graphic representation of a demand schedule, a Latin phrase that means "all other things held constant", a good that consumers demand more of when their incomes increase, a good that consumers demand less of when their incomes increase, two goods that are bought and used together, a measure of how consumers react to a change in price, describes demand that is not very sensitive to a change in price, describes demand that is very sensitive to a change in price, describes demand whose elasticity is exactly equal to 1, availability of substitutes, relative importance, necessities versus luxuries, change over time, the total amount of money a firm receives by selling goods or services; determined by the price of goods and the quantity sold, raising the price of a good will reduce the firm's total revenue, decreasing the price increases the firm's total revenue, raising the price of a good will increase the firm's total revenue, decreasing the price will decrease the total revenue, supply goes up as price goes up, supply goes down as price goes down, the amount a supplier is wiling and able to supply at a certain price, a chart that lists how much a good a supplier will offer at different prices, a chart that lists how much of a good all suppliers will offer at different prices, a graph of the quantity supplied of a good at different prices, a graph of the quantity supplied of a good by all suppliers at different prices, a measure of the way quantity supplied reacts to a change in price, the change in price is for a short period of time, if supply is normally inelastic it will continue to be inelastic, the change in price is for a long period time, supply can become more elastic over time, the change in output from hiring one additional unit of labor, a level of production in which the marginal product of labor increases as the number of workers increases, a level of production in which the marginal product of labor decreases as the number of workers increases, a cost that does not change, no matter how much of a good is produced, a cost that rises or falls depending on how much is produced, the cost of producing one more unit of a good, the additional income from selling one more unit of a good; sometimes equal to price, the cost of operating a facility, such as a store or factory, a government payment that supports a business or market, a tax on the production or sale of a good, government intervention in a market that affects the production of a good, the point at which quantity demanded and quantity supplied are equal, describes any price or quantity not at equilibrium; when quantity supplied is not equal to quantity demanded in a market, when quantity demanded is more than quantity supplied (shortage), when quantity supplied is more than quantity demanded (surplus), a maximum price that can be legally charged for a good or service, a minimum price that an employer can pay a worker for an hour of labor; price floor, the financial and opportunity costs consumers pay when searching for a good or service; driving to stores and calling different towns to find available goods are examples, price as an incentive, prices as signals, flexibility, price system is "free", a system of allocating scarce goods and services using criteria other than price; centrally planned, a market in which goods are sold illegally; no regard to government controls, costs of production that affect people who have no control over how much of a good is produced; externalities, a market structure in which a large number of firms all produce the same product, a) many buys and sellers participate in the market b) sellers offer identical products c) buyers and sellers are well informed about products d) sellers are able to enter and exit the market freely e) work independently, a product that is the same no matter who produces it; ex: petroleum, notebook paper, milk, any factor that makes it difficult for a new firm to enter a market, a market structure that does not meet the conditions of perfect competition, the expenses a firm must pay before it can begin to produce and sell goods, a market dominated by a single seller; forms when barriers prevent firms from entering a market that has a single supplier, factors that cause a producer's average cost per unit to fall as output rises, a market that runs most efficiently when one large firm supplies all of the output; public water, license that gives the inventor of a new product the exclusive right to sell it for a certain period of time, the right to sell a good or service within an exclusive market; used to keep small markets under control, government-issued right to operate a business, division of customers into groups based on how much they will pay for a good, the ability of a company to change prices and output like a monopolist, a market structure in which many companies sell products that are similar but not identical, making a product different from other similar products, a way to attract customers through style, service, or location, but not a lower price, a market structure in which a few large firms dominate a market, a series of competitive price cuts that lowers the market price below the cost of production, an agreement among firms to divide the market, set prices, or limit production, an agreement among firms to charge one price for the same good, a formal organization of producers that agree to coordinated prices and production, selling a product below cost to drive competitors out of the market, laws that encourage competition in the marketplace, like a cartel, an illegal grouping of companies that discourages competition, combination of two or more companies into a single firm, the removal of some government controls over a market. Study Flashcards On Economics unit 2 test at Cram.com. Gravity. PLAY. Unit VII. Part 2: Find two current events articles focusing on the issue of pricing. You will analyze how the household can gain and lose through various forms of personal savings/investment, insurance, credit, and skill development. Add all the new vocab words (below) to the WWK section of your notebook. 74% average accuracy. Start studying Economics UNIT 2. Macroeconomics a. Learn vocabulary, terms, and more with flashcards, games, and other study tools. 1 B 2 C The bill of Rights is a series of limitations on the power of the U.S. Federal govt 3 D four E A simple majority of the U.S. Senate (fifty one% of the Senators balloting) is required to approve Federal Judges 5 D Risk Chart. Learn vocabulary, terms, and more with flashcards, games, and other study tools. msglyeatkcc. Start studying Economics - Vocabulary Unit 2. In Unit 2, you will study the fundamental concepts of personal finance economics. Microeconomics: The part of economics … Test. Start studying Economics (Lesson 1) - What is Economics?. Start studying Economics Unit 2. Write. STUDY. Only $2.99/month. Economics Unit 1 (27 cards) 2015-08-25 1 Economics Unit 2 (44 cards) 2016-04-24 1 Economics Vocab (21 cards) 2017-05-24 1 Economics Unit 1. Play this game to review Economics. a year ago. Content Review. Match. Markets The return of U.S. troops from overseas following World War II created a massive demand for cheap housing. Unit 2 Milestone Vocabulary. Unit 2 Study Guide. Unit 2 Budget Activity. Rising labor and energy costs in the United States in the ’60s and ’70s forced domestic steel manufacturer NUCOR to find ways to lower production costs. Unit 1: Economics 101 Unit 2: How Markets Work Unit 3: Business and Labor Unit 4: Money, Banking, and Finance Unit 5: Measuring Economic Performance Unit 6: Government and the Economy Unit 7: … Economics - Unit 2 - Supply, Demand, Prices & Markets In unit two, following the essential questions, students will be examining the market forces that influence supply and demand, and study the role price plays in the market.

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