Review –Unit 8
Name _____________________________
Match the statements below to the following terms.
1. Households
2. Inverse
3. Traditional
4. Socialism
Who owns the factors of production in a market economy?
Demand and price have a(n) _________ relationship.
What type of economy is based on ritual and custom?
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
32. Decrease
33. Increase
34. Decrease
35. Decrease
36. Increase
37. Decrease
38. Increase
39. Increase
40. Decrease
41. Increase
42. Decrease
population size increases.
population size decreases
GOOD A becomes a popular item
GOOD A becomes less popular
Consumers income decreases
Consumers income increases.
Cost of complimentary good goes up.
Cost of complimentary good goes down
Cost of substitute good goes up.
Cost of substitute good goes down.
Consumers expect a shortage of GOOD A
Consumers expect a surplus of GOOD A
Tell what happens to the supply of GOOD B – does supply increase or decrease?
43. Decrease
44. Increase
45. Increase
46. Decrease
47. Decrease
48. Increase
49. Decrease
50. Increase
51. Increase
Cost of an input increases
Cost of an input decreases
Technological advances occur
Technological setbacks
Govt. places more regulations on GOOD B
Govt. requires fewer regulations to make GOOD B
Taxes increase
Taxes decrease
Govt. gives money to company to help them with production (subsidy)
Match the statements below to the following terms.
Anti-federalists
Decrease
Arbitration
Deflation
Bank
Demand Side Economics
Bartering
Disequilibrium
Bear Market
Dividends
Bull Market
Dow Jones/S & P 500
Capital gains
Equilibrium
Capital loss
Expansionary Policy
Collateral
Federal Reserve
Collective Bargaining
Federalists
Commercial Banks
Fiscal Policy
Commodity
Government Monopoly
Communist Manifesto
Horizontal Merger
Conglomerate
Increase
Contractionary Policy
Inflation
Corporation
Karl Marx
Credit Unions
Keynes
52. __________________________
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58. __________________________
59. __________________________
60. ___________________________
61. ___________________________
62. ___________________________
63. ___________________________
64. ___________________________
65. ___________________________
66. ___________________________
67. ___________________________
68. ___________________________
69. ___________________________
70. ___________________________
71. ___________________________
72. ___________________________
73. ___________________________
74. ___________________________
75. ___________________________
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
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
decrease
A maximum price for a good or service
any price or quantity not at equilibrium
requires no specialized skills, education, or training
a market dominated by a single seller
a business organization owned by two or more persons who agree on a specific division
of responsibilities and profits
when the stock market steadily rises over a period of time
a school of economics that believes that tax cuts can help an economy by raising supply
a market structure in which a few large firms dominate a market
units in which ownership of a corporation are sold in
anything that serves as a medium of exchange, a unit of account, and a store of value
the use of government spending to influence the economy
the union and company representatives meet to negotiate a new labor contract
created in 1890 and banned monopolies and other business combinations that prevented
competition
when quantity demanded is more than quantity supplied (excess demand)
how people acquire goods and services without money, used in a traditional economy
philosopher and political economist known better as a communist and author of the
Communist Manifesto
supervises and regulates banks, implements monetary policy, controls the amount of
currency in circulation, and sets reserve ratios
a general increase in prices
the point at which quantity demanded and quantity supplied are equal
a market that runs most efficiently when one large firm supplies all the output, like public
water
a business owned and managed by a single individual
an institution for receiving, keeping, and lending money
when each single share of stock splits into more than one share, used to encourage
investors to buy stock
the idea that government spending and tax cuts help an economy by raising demand
76. ___________________________
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100. __________________________
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105. ___________________________
106. ___________________________
107. ___________________________
108. ___________________________
109. ___________________________
110. ___________________________
111. ___________________________
112. ___________________________
113. ___________________________
114. ___________________________
115. ___________________________
116. ___________________________
lays out the foundation for communism by describing the conflict between the proletariat
and the bourgeois as leading to revolution
investing money in companies and giving them tax breaks will benefit the economy
because eventually consumers will experience the effects
the country’s largest and most powerful exchange
demands advanced skills and education
this is a measure that bans mandatory union membership; NC is one
when quantity supplied is more than quantity demanded (excess supply)
a product that is the same no matter who produces it
a monopoly created by the government
organized work stoppage intended to force an employer to address union demands
a market structure in which many companies sell products that are similar but not identical
a substantial drop in prices
a legal entity owned by individual stockholders
when the stock market steadily falls over a period of time
a minimum price for a good or service
requires specialized abilities and training to do tasks
the neutral third party reviews the case and imposes a decision that is legally binding for
both sides
joining of two or more firms competing in the same market with the same good or service
requires minimal specialized skill and education
the American market for over the counter stocks
believed a centralized banking system was necessary
offer checking services, accept deposits, and make loans
merging of more than three businesses that make unrelated products
money made when an investor sells stock for more than he or she paid for it
link buyers and sellers of stock, work for a brokerage firm
a portion of a corporation’s profit paid out to stockholders quarterly
policy that during a recession or depression the government should increase spending or
decrease taxes
joining of two or more firms involved in difference stages of production of the same good
or service
person who developed the idea of demand-side economics, which encourages
government action to increase and decrease demand and output
large corporation that produces and sells its goods and services throughout the world
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
neutral mediator meets with each side to try to find some solution and the decision
reached is nonbinding
an organization that tries to improve working conditions, wages, and benefits for its
members
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
wanted a decentralized banking system where banks were operated by the states
cooperative lending associations for particular groups (i.e. state employees), usually
small, specialize in home mortgages and car loans, some provide checking/saving
property used to secure a loan
During times of recession and depression the Fed __________ interest rates. (this
encourages lending and discourages savings)
policy that during in inflation the government should decrease spending or increase taxes
During times of inflation, the Fed _________ interest rates.
(this encourages savings and discourages lending)
of the 12 Federal Reserve districts, NC belongs to this one
used to determine stock performance by either examining 30 large companies or 500
companies