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Economics Final Exam Prep

arbitrationsettling a dispute between labor and management by agreeing to accept the decision of a third party
blue-collar workerscraft
central gov't planningThe free enterprise economy would not thrive on the this due to lack of choice that is allowed
civilian labor forcemen and women 16 years old and over who are either working or actively looking for a job
Collective Bargainingnegotiation between an labor and management
competitionAn important characteristic of free enterprise that encourages a better product at a better price
compounding interestinterest is earned on both the principal- the amount you deposited-and on any previously earned interest
conglomeratecorporation merging more than three unrelated businesses
debit cardbank credit procedures used to make cashless purchases
decreasesAs taxes on an item increases
depressionAcute shortages
deregulationreduction of government control on business
developed nationsnations with relatively high standards of living and economies based on industry
developing nationsnations with little industrial development and relatively low standards of living
Economics is best defined asa study of efforts to satisfy seemingly unlimited wants with scarce resources.
elastic demandA situation in which consumer demand is sensitive to changes in price
expansionAfter passing through a trough
factor marketsFactors of production are bought & sold in
factors of productionÓLand
Federal Reserve (Fed)The central bank of the U.S. which helps determine monetary
fiat moneyMoney by government decree is known as
FICAname given on the paycheck stub for Social Security and Medicare taxes.
Financial Plansneed to be reviewed and revised often.
foreign aidÓmoney
foreign exchangebuying and selling of foreign currencies
free market structure promotesadequate competition in all markets
global integrationÓinterdependency among the countries of the world
Gross Domestic Product (GDP)Ódollar value of all final goods
Individual income taxSingle most important source of revenue for the national government
inelasticModest price increase for an item with little effect on demand indicates that demand for the product is this
inverse relationshipa relationship in which one variable decreases when another variable increases
labor unionÓassociation of workers that tries to improve working conditions
legal tendermoney that by law must be accepted for payment of public and private debts
maximize profitsThe primary purpose of financial planning is to do this
mergerCombination of two or more companies into a single firm
microeconomicsThe study of the economic behavior of individuals & firms
Modified free enterpriseToday the American economy is an example of
monetary policydecision making that involves changing the rate of growth of the money supply in circulation in order to affect the cost and availability of credit
monopolya market in which there are many buyers but only one single seller/supplier
multinational corporation (or mulitnationals)a large business that operates in many countries
NAFTAÓreduced tariffs among United States
engaged in tradeAbsolute and comparative advantage are terms related to nations that are
Net PayAmount left in employee paycheck AFTER payroll taxes and other deductions are subtracted
opportunity costthe cost of the next best use of time and money when choosing to do one thing or another
outsourcingthe relocation of jobs once done in the United States to foreign countries to reduce costs
overdraft checkingchecking account that allows a customer to write a check for more money than exists in his or her account
payroll taxesTaxes levied on employers and employees to pay for Social Security & Medicare
perfect competitionMarket situation in which there are numerous buyers and sellers
personal income taxÓA tax levied on the taxable income of individuals
progressive taxa tax that takes a larger percentage of higher incomes and lower percentage of lower incomes
protect domestic industryTrade barriers are enacted to
Protectionistspeople who argue for trade restrictions to protect domestic industries
regressive taxA tax whereby people with lower incomes pay a higher fraction of their income than people with higher incomes.
scarcityLimited quantities of resources to meet unlimited wants which is the basic problem o economics
service workerspeople who provide services directly to individuals
start new businessesEntrepreneurs are considered the driving force in an economy because they
substitute effectConsumers' willingness to replace a costly item wt one that is less costly is the
surplusquantity supplied is greater than quantity demanded
unlimited wants with limited resourcesEconomics tries to solve the fundamental problem of how to satisfy
unskilled laborLaborers who lack training and skills
white-collar workersÓcategory of workers employed in offices
World Trade OrganizationWorld's largest trade organization

Office: Upper Learning Center
Mentor High School

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