Review –Unit 8 Name _____________________________
Match the statements below to the following terms.
1. Households Who owns the factors of production in a market economy?
2. Inverse Demand and price have a(n) _________ relationship.
3. Traditional What type of economy is based on ritual and custom?
4. Socialism A political philosophy of dividing out wealth among the
citizens.
5. Government Who owns the factors of production in a command
economy?
6. Free Market What type of economy does the US have? (EOC answer)
7. Law of Demand A principle that says at low prices, people are willing to
buy more, and at high prices people are willing to buy less.
8. Mixed Economy What type of economy includes a market economy with
some government intervention?
9. Substitutes Goods that can be used in place of one another.
10. Decreases As price _________________, demand increases.
11. Minimum Wage This is an example of the way the US govt. controls some
aspect of the US economy.
12. Businesses/Firms In the circular flow, who provides goods and services?
13. Increases As price __________________, demand decreases.
14. Downward Slope The demand curve has a ______________ slope.
15. Change in Price What causes a movement along the demand curve?
16. Inelastic If quantity demanded does not change with a change in
price, the demand is _____.
17. Elastic If quantity demanded changes with a change in price, the
demand is ____.
18. Supply The amount of goods available.
19. Demand The desire to own something and the ability to pay for it.
20. Complimentary Goods that are bought together.
21. Direct Quantity supplied and price have a ____ relationship.
22. Law of Supply The concept that produces supply more at high prices and
less at lower prices.
23. Left Which direction would the supply curve shift if there was a
decrease in supply?
24. Shift Change in technology can cause a _______ in the demand
curve.
25. Supply Schedule A chart that describes qty. supplied at different prices.
26. Communism A political philosophy in which all economic power rests
the central govt.
27. Circular Flow Contains the monetary and physical flow of an economy.
28. Quantity Label x axis of supply and demand graph with ____.
29. Price Label y axis of supply and demand graph with _____.
30. Market Supply Sched. Combing the various supply schedules.
Tell what happens to the demand for GOOD A – does demand increase or decrease?
31. Increase population size increases.
32. Decrease population size decreases
33. Increase GOOD A becomes a popular item
34. Decrease GOOD A becomes less popular
35. Decrease Consumers income decreases
36. Increase Consumers income increases.
37. Decrease Cost of complimentary good goes up.
38. Increase Cost of complimentary good goes down
39. Increase Cost of substitute good goes up.
40. Decrease Cost of substitute good goes down.
41. Increase Consumers expect a shortage of GOOD A
42. Decrease Consumers expect a surplus of GOOD A
Tell what happens to the supply of GOOD B – does supply increase or decrease?
43. Decrease Cost of an input increases
44. Increase Cost of an input decreases
45. Increase Technological advances occur
46. Decrease Technological setbacks
47. Decrease Govt. places more regulations on GOOD B
48. Increase Govt. requires fewer regulations to make GOOD B
49. Decrease Taxes increase
50. Increase Taxes decrease
51. Increase Govt. gives money to company to help them with production (subsidy)
Match the statements below to the following terms.
Anti-federalists
Arbitration
Bank
Bartering
Bear Market
Bull Market
Capital gains
Capital loss
Collateral
Collective Bargaining
Commercial Banks Commodity
Communist Manifesto
Conglomerate
Contractionary Policy
Corporation
Credit Unions
Decrease
Deflation
Demand Side Economics
Disequilibrium
Dividends
Dow Jones/S & P 500
Equilibrium
Expansionary Policy
Federal Reserve
Federalists
Fiscal Policy
Government Monopoly
Horizontal Merger
Increase
Inflation
Karl Marx
Keynes
Labor Union
Mediation
Money
Monopolistic Competition
Monopoly
Multinational corporations
NASDAQ
Natural Monopoly
New York Stock Exchange
Oligopoly
Partnership
Price ceiling
Price Floor
Professional Labor
Richmond Federal Reserve District decrease
Right to Work
Savings and Loans
Semi-skilled labor
Shares
Sherman Antitrust Act
Shortage
Skilled Labor
Sole Proprietorship
Stock split
Stockbrokers
Strike
Supply Side Economics
Surplus
Trickle Down Effect
Unskilled Labor
Vertical Merger
52. __________________________ A maximum price for a good or service
53. __________________________ any price or quantity not at equilibrium
54. __________________________ requires no specialized skills, education, or training
55. __________________________ a market dominated by a single seller
56. __________________________ a business organization owned by two or more persons who agree on a specific division of responsibilities and profits
57. __________________________ when the stock market steadily rises over a period of time
58. __________________________ a school of economics that believes that tax cuts can help an economy by raising supply
59. __________________________ a market structure in which a few large firms dominate a market
60. ___________________________ units in which ownership of a corporation are sold in
61. ___________________________ anything that serves as a medium of exchange, a unit of account, and a store of value
62. ___________________________ the use of government spending to influence the economy
63. ___________________________ the union and company representatives meet to negotiate a new labor contract
64. ___________________________ created in 1890 and banned monopolies and other business combinations that prevented competition
65. ___________________________ when quantity demanded is more than quantity supplied (excess demand)
66. ___________________________ how people acquire goods and services without money, used in a traditional economy
67. ___________________________ philosopher and political economist known better as a communist and author of the Communist Manifesto
68. ___________________________ supervises and regulates banks, implements monetary policy, controls the amount of currency in circulation, and sets reserve ratios
69. ___________________________ a general increase in prices
70. ___________________________ the point at which quantity demanded and quantity supplied are equal
71. ___________________________ a market that runs most efficiently when one large firm supplies all the output, like public water
72. ___________________________ a business owned and managed by a single individual
73. ___________________________ an institution for receiving, keeping, and lending money
74. ___________________________ when each single share of stock splits into more than one share, used to encourage investors to buy stock
75. ___________________________ the idea that government spending and tax cuts help an economy by raising demand
76. ___________________________ lays out the foundation for communism by describing the conflict between the proletariat and the bourgeois as leading to revolution
77. ___________________________ investing money in companies and giving them tax breaks will benefit the economy because eventually consumers will experience the effects
78. ___________________________ the country’s largest and most powerful exchange
79. ___________________________ demands advanced skills and education
80. ___________________________ this is a measure that bans mandatory union membership; NC is one
81. ___________________________ when quantity supplied is more than quantity demanded (excess supply)
82. ___________________________ a product that is the same no matter who produces it
83. ___________________________ a monopoly created by the government
84. ___________________________ organized work stoppage intended to force an employer to address union demands
85. ___________________________ a market structure in which many companies sell products that are similar but not identical
86. ___________________________ a substantial drop in prices
87. ___________________________ a legal entity owned by individual stockholders
88. ___________________________ when the stock market steadily falls over a period of time
89. ___________________________ a minimum price for a good or service
90. ___________________________ requires specialized abilities and training to do tasks
91. ___________________________ the neutral third party reviews the case and imposes a decision that is legally binding for both sides
92. ___________________________ joining of two or more firms competing in the same market with the same good or service
93. ___________________________ requires minimal specialized skill and education
94. ___________________________ the American market for over the counter stocks
95. ___________________________ believed a centralized banking system was necessary
96. ___________________________ offer checking services, accept deposits, and make loans
97. ___________________________ merging of more than three businesses that make unrelated products
98. ___________________________ money made when an investor sells stock for more than he or she paid for it
99. ___________________________ link buyers and sellers of stock, work for a brokerage firm
100. __________________________ a portion of a corporation’s profit paid out to stockholders quarterly
101. __________________________ policy that during a recession or depression the government should increase spending or decrease taxes
102. __________________________ joining of two or more firms involved in difference stages of production of the same good or service
103. ___________________________ person who developed the idea of demand-side economics, which encourages government action to increase and decrease demand and output
104. ___________________________ large corporation that produces and sells its goods and services throughout the world
105. ___________________________ originally created when members deposited funds into a general fund and then borrowed money to buy their own homes; now serves many of the same functions as a bank
106. ___________________________ neutral mediator meets with each side to try to find some solution and the decision reached is nonbinding
107. ___________________________ an organization that tries to improve working conditions, wages, and benefits for its members
108. ___________________________ money lost when and investor sells stock for less than he or she paid for it or when a company doesn’t make a profit or cant pay dividends
109. ___________________________ wanted a decentralized banking system where banks were operated by the states
110. ___________________________ cooperative lending associations for particular groups (i.e. state employees), usually small, specialize in home mortgages and car loans, some provide checking/saving
111. ___________________________ property used to secure a loan
112. ___________________________ During times of recession and depression the Fed __________ interest rates. (this encourages lending and discourages savings)
113. ___________________________ policy that during in inflation the government should decrease spending or increase taxes
114. ___________________________ During times of inflation, the Fed _________ interest rates.
(this encourages savings and discourages lending)
115. ___________________________ of the 12 Federal Reserve districts, NC belongs to this one
116. ___________________________ used to determine stock performance by either examining 30 large companies or 500 companies