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Terms in this set (16)
If apple increased the price of its products what could be the effect on the company's profits?
Apple could have greater company profits.
How does the supply and demand affect prices and quantities for goods and services?
If supply is low but demand is high, the product will have a higher price due to lower quantities.
With the rising prices of cable services, a group of concerned citizens proposed that all cable companies have uniformed pricing standards. How does this solution hurt consumers?
Removes competition from the market place.
Using the chart what can be said about unemployment and minorities.
Young minorities are more likely to be unemployed.
Using the chart above, what are the implications of increased education?
The more education a person has, the higher the person's earning potential.
You are going to the wedding of a coworker and are expected to bring a gift. Using the budget, which would be the most logical gift?
A twenty-five-dollar gift card from a local store.
Which of these actions would be considered an investment by an economist?
An automobile manufacturer buys a robot for the plant.
When you purchase a car, you take a financial risk every time you drive the vehicle. In order to protect your financial investment, you purchase insurance. What is this type of risk relationship?
Which of the these is an example of a saver directly lending to a borrower?
A saver buys a cooperate bond.
How do you establish credit?
Open a checking/saving account. If your parent puts you on their credit account. You can purchase a pre-paid card.
How do you maintain a good credit rating?
Pay all your bills on time. Don't buy too many credit cards. Using credit responsibly.
You are in the market to purchase a new car, you have narrowed your choice to 2 cars. Car A: has many luxury items; push button start, in dash GPS, and front window display but the car cost $50,000. Car B: does bit have any luxury items, but it cost 25,000. You were approved for a $45,000-dollar loan. What would have a greater effect your purchase choice?
Monthly car payment.
A young billionaire has decided to branch out into entrepreneurship and invest in new start up companies that create products to help students learn better. How does his investment directly help the global market place?
His investments could bring new ideas and competition to market place.
How does an increase in productivity, increase our standard of living?
Increase in goods means increase in company revenue, which way increase wages.
Country A and B have fought a war against each other. The two countries have a very intense relationship, which could lead to another war at any moment. Country A has recently launched a nuclear missile from a submarine off the coast of country B. This country has been warned by the united nations (UN) that it's actions need to stop. The UN has set up a trade barrier would be the most affective in this situation.
Describe the role of a labor union in a market economy.
Protects the employee's rights and fights for wage improvements.
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