Study sets matching "economics chapter 8"

Study sets
Classes
Users

Study sets matching "economics chapter 8"

19 terms
Economics Chapter 8
economic growth
real GDP per capita
rule of 70
modern economic growth
can be either: an increase in real GDP occurring over some ti…
the amount of real output per person in a country
provides a quantitative grasp of the effect of economic growth
characterized by sustained and ongoing increases in living st…
economic growth
can be either: an increase in real GDP occurring over some ti…
real GDP per capita
the amount of real output per person in a country
Chapter 8 Economics
bank
assets
interest
principal
A business whose main purpose is to receive deposits and make…
Anything owned to which a market value can be assigned
A periodic payment for the use of borrowed funds. When calcul…
The amount of money borrowed, or the amount of money still ow…
bank
A business whose main purpose is to receive deposits and make…
assets
Anything owned to which a market value can be assigned
26 terms
Economics Chapter 8 Vocabulary
Section 1
Entrepreneur
Startup
Small-Business Incubator
...
Person who organizes, manages, and assumes the risks of a bus…
A beginning business enterprise
Private or government funded agency that assists new business…
Section 1
...
Entrepreneur
Person who organizes, manages, and assumes the risks of a bus…
chapter 8 economics
Entrepreneur
startup
small business incubator
inventory
person who organizes, manages, and assumes, the risks of a bu…
a beginning business enterprise
government-funded agency that assists new businesses by provi…
extra supply of the items used in a business, such as raw mat…
Entrepreneur
person who organizes, manages, and assumes, the risks of a bu…
startup
a beginning business enterprise
18 terms
Economics Chapter 8
Checking account
Transaction account
Check
Savings account
The most common type of bank account
Is an account that allows checks to be written up to the doll…
Is an account holder's written order that authorizes his bank…
Is a bank account that allows the account holder to earn inte…
Checking account
The most common type of bank account
Transaction account
Is an account that allows checks to be written up to the doll…
9 terms
Economics Chapter 8 Terms
pure monopoly
barrier to entry
natural monopoly
simultaneous consumption
-one firm sells a unique product... -entry is blocked... -single fi…
anything that artificially prevents the entry of firms into a…
industry in which economies of scale are so great that a sing…
product's ability to satisfy a large number of consumers at t…
pure monopoly
-one firm sells a unique product... -entry is blocked... -single fi…
barrier to entry
anything that artificially prevents the entry of firms into a…
24 terms
Economics Chapter 8
macroeconomics
business cycle
laissez faire
classical theory
the study of aggregate economic behavior, of the economy as a…
alternating periods of economic growth and contraction
the doctrine of "leave it alone", of nonintervention by gover…
the economy will right itself
macroeconomics
the study of aggregate economic behavior, of the economy as a…
business cycle
alternating periods of economic growth and contraction
economics chapter 8
royalities
limited partnership
horizontal merger
bonds
a share of earnings given as a payment and often charged to f…
business organization in which only one party has unlimited p…
the combination of two or more firms competing in the same ma…
issued and sold by corporation to borrow money
royalities
a share of earnings given as a payment and often charged to f…
limited partnership
business organization in which only one party has unlimited p…
17 terms
Economics chapter 8
Name the types of competition
Perfect competition
Oligopoly
Monopolistic competition
•Perfect competition ... •monopoly ... •oligopoly ... •monopolistic co…
Numerous buyers and sellers and market price is at the equili…
•dealt with big interprizes ... •market dominated by a few big s…
•several sellers offering slightly different products ... • most…
Name the types of competition
•Perfect competition ... •monopoly ... •oligopoly ... •monopolistic co…
Perfect competition
Numerous buyers and sellers and market price is at the equili…
Economics - Chapter 8
Investment
Financial markets
Market risk
Inflation
purchase of capital resources used to produce goods and servi…
coordinate the exchange of money between borrowers who are wi…
investing in the market with the risk of losing part or all o…
effect of rising prices; if prices are rising, investors earn…
Investment
purchase of capital resources used to produce goods and servi…
Financial markets
coordinate the exchange of money between borrowers who are wi…
Economics Chapter 8
Employment
Unemployment
Labor Force
Labor force participation rate
is the total number of people currently employed, either full…
the total number of people who are actively looking for work…
is equal to the sum of employment and unemployment.
is the percentage of the population aged 16 or older that is…
Employment
is the total number of people currently employed, either full…
Unemployment
the total number of people who are actively looking for work…
23 terms
Economics Chapter 8 Vocab
entrepreneur
startup
small business incubator
inventory
person who organizes, manages, and assumes the risks of a bus…
a beginning business enterprise
private or government funded agency that assists new business…
extra supply of the items used in a business such as raw mate…
entrepreneur
person who organizes, manages, and assumes the risks of a bus…
startup
a beginning business enterprise
17 terms
economic chapter 8
greenfield investment
flow of fdi
stock of fdi
outflows of fdi
establishing a new operation in a foreign country
the amount of direct investment into a country in a defined t…
the cumulative value of fdi that have been made by foreign en…
money coming out
greenfield investment
establishing a new operation in a foreign country
flow of fdi
the amount of direct investment into a country in a defined t…
22 terms
Economics chapter 8
Soul proprietorship
Business organization
Liability
General partnership
A business owned and managed by a single individual (most com…
And establishment formed to carry on commercial enterprise
The legally bound obligation to pay debts
Partners share equally in both responsibility and liability
Soul proprietorship
A business owned and managed by a single individual (most com…
Business organization
And establishment formed to carry on commercial enterprise
21 terms
Economics Chapter 8 Vocabulary
stock
common stock
dividends
preferred stock
owning shares of a corporation
most prevalent stock offered and show true ownership of some…
a distribution of a portion of the coperation's profits
a nonvoting share of ownership in a corporation that pays a f…
stock
owning shares of a corporation
common stock
most prevalent stock offered and show true ownership of some…
21 terms
Economics Chapter 8 Vocabulary
Stock
Common stock
Dividend
Preferred Stock
A certificate of ownership in a corporation
a voting share of ownership in a corporation for which the di…
A payment from profits by a company's Board of Director's to…
a nonvoting share of ownership in a corporation that pays a f…
Stock
A certificate of ownership in a corporation
Common stock
a voting share of ownership in a corporation for which the di…
Economics Chapter 8
sole proprietorship
business license
partnership
general partnership
a business owned and managed by a single individual
authorization to operate a business issued by a local governm…
business organization owned by two or more persons who agree…
a type of partnership in which all partners share equally in…
sole proprietorship
a business owned and managed by a single individual
business license
authorization to operate a business issued by a local governm…
Economics Chapter 8
Entrepreneur
Startup
Small Business Incubator
Inventory
Person who organize, manages, and assumes the risk of a busin…
a beginning business enterprise
Private or government funded agency that assists new business…
Extra supply of the items used in a business such as raw mate…
Entrepreneur
Person who organize, manages, and assumes the risk of a busin…
Startup
a beginning business enterprise
Economics Chapter 8 Vocab
Market
Industry
Differentiated products
Undifferentiated products
Agreements people have developed for trading with one another
Family of common concerns, groups of businesses that sell a s…
Products that are different from one firm to another
Products that are exactly alike from firm to firm
Market
Agreements people have developed for trading with one another
Industry
Family of common concerns, groups of businesses that sell a s…
22 terms
Chapter 8 economics
Market
Competition
Industry
Differentiated Products
The arrangements that people have developed for trading with…
The struggle each firm experiences as it seeks to survive and…
A group of businesses that share common concerns
Products that are visibly different from one firm to another
Market
The arrangements that people have developed for trading with…
Competition
The struggle each firm experiences as it seeks to survive and…
Economics Chapter 8
entrepreneur
startups
small business incubator
inventory
a person who organizes, manages; and assumes risks of a busin…
a beginning business enterprise
government-funded agency that assists new businesses by provi…
extra supply of such items used in a business such as raw mat…
entrepreneur
a person who organizes, manages; and assumes risks of a busin…
startups
a beginning business enterprise
Economics Chapter 8 Terms
Demand
Law of Demand
Substitution Effect
Income Effect
The desire to own something and the ability to pay for it.
Consumers will buy more of a good when its price is lower and…
When consumers react to an increase in a good's price by cons…
The Change in consumption that results when a price increase…
Demand
The desire to own something and the ability to pay for it.
Law of Demand
Consumers will buy more of a good when its price is lower and…
25 terms
Economics Vocab Chapter 8
Business Organization
Sole Proprietorship
Limited Life
Unlimited Liability
An enterprise that produces goods/services, usually in order…
A business organization owned/controlled by one person (limit…
A situation where a business closes if the owner dies, retire…
A business owner is responsible for all the business's losses
Business Organization
An enterprise that produces goods/services, usually in order…
Sole Proprietorship
A business organization owned/controlled by one person (limit…
34 terms
Economics Chapter 8 Vocab
Business Organization
Sole Proprietorship
Business License
Zoning Law
an establishment formed to carry on commercial enterprise
a business owned and managed by a single individual
authorization to start a business; issued by the local govern…
law in a city or town that designates separate areas for busi…
Business Organization
an establishment formed to carry on commercial enterprise
Sole Proprietorship
a business owned and managed by a single individual
Economics Chapter 8 Vocabulary
Stock
Common Stock
Dividends
Preferred Stock
A certificate of ownership in a corporation
a voting share of ownership in a corporation for which the di…
earnings distributed to stockholders
A special type of stock whose owners, though not generally ha…
Stock
A certificate of ownership in a corporation
Common Stock
a voting share of ownership in a corporation for which the di…
23 terms
Chapter 8 Economics
Entrepreneur
Startup
Small-Business Incubator
Inventory
person who organizes, manages, and assumes the risks of a bus…
a beginning business enterprise
private or government funded agency that assists new business…
extra supply of the items used in a business, such as raw mat…
Entrepreneur
person who organizes, manages, and assumes the risks of a bus…
Startup
a beginning business enterprise
Economics Chapter 8
entrepreneur
startup
small-business incubator
inventory
person who organizes, manages, and assumes the risk of a busi…
a beginning business enterprise
private- or government- funded agency that assists new busine…
extra supply of the items used in a business, such as raw mat…
entrepreneur
person who organizes, manages, and assumes the risk of a busi…
startup
a beginning business enterprise
26 terms
Chapter 8 Economics
investment
debtor
creditor
checking account
or the commitment of resources to a project or purpose that i…
one who borrows money or capital and has spent every cent he…
one who lends money or capital
the most common form of transaction account
investment
or the commitment of resources to a project or purpose that i…
debtor
one who borrows money or capital and has spent every cent he…
22 terms
Chapter 8 Vocabulary: Economics
Limited Life
Unlimited Liability
General Partnership
Limited Partnership
as situation in which a business ceases to exist if the owner…
a situation in which a business owner is responsible for all…
a partnership in which each partner shares the management of…
a partnership in which at least one partner is not involved i…
Limited Life
as situation in which a business ceases to exist if the owner…
Unlimited Liability
a situation in which a business owner is responsible for all…
Economics - Chapter 8
sole proprietorship
business organization
business license
zoning laws
a business owned and managed by a single individual
the ownership structure of a company or firm
authorization to operate a business issued by a local governm…
laws in a city or town that designate certain areas, or zones…
sole proprietorship
a business owned and managed by a single individual
business organization
the ownership structure of a company or firm
Economics Chapter 8
sole proprietorship
business organization
business license
zoning laws
a business owned and managed by a single individual
the ownership structure of a company or firm
authorization to operate a business issued by a local governm…
laws in a city or town that designate certain areas, or zones…
sole proprietorship
a business owned and managed by a single individual
business organization
the ownership structure of a company or firm
27 terms
Economics Chapter 8
commercial
asset
liquidity
budget
loans that buy machinery, equipment, and materials or to pay…
anything owned to which a market value can be assigned
the ease with which accounts or assets can be converted to cash
a plan for spending and saving, based on one's income and est…
commercial
loans that buy machinery, equipment, and materials or to pay…
asset
anything owned to which a market value can be assigned
Economics - Chapter 8
business organization
sole proprietorship
business license
zoning laws
the ownership structure of a company or firm
a business owned and managed by a single individual
authorization to operate a business issued by a local governm…
laws in a city or town that designate certain areas, or zones…
business organization
the ownership structure of a company or firm
sole proprietorship
a business owned and managed by a single individual
29 terms
Chapter 8 Economic Growth
economic growth
real GDP per capita
calculating real GDP per capita
rule of 70
a increase in real GDP occuring over some time period and/or…
the of real output per person in a country
real GDP per capita = Real GDP/population
a mathematical approximation that provides a quantitative gra…
economic growth
a increase in real GDP occuring over some time period and/or…
real GDP per capita
the of real output per person in a country
20 terms
Economics Chapter 8: Trade
Why trade?
PPC
Rules of the PPC
Comparative advantage
trading with one another allows total production to be maximi…
relationship between maximum production of one good for a giv…
Points on the PPC are attainable and efficient... 2) points ins…
ability of an individual, firm, or country to produce a certa…
Why trade?
trading with one another allows total production to be maximi…
PPC
relationship between maximum production of one good for a giv…
Economics chapter 8 words
Macroeconomics
Civilian labor force
Craft union; trade union
Branch of economics that deals with the economy as a whole, i…
Men and women 16 years old and over who are either working-ac…
Labor union whose workers preform the same kind of work
Macroeconomics
Branch of economics that deals with the economy as a whole, i…
Civilian labor force
Men and women 16 years old and over who are either working-ac…
Economics chapter 8 vocabulary
Business organization
Sole proprietorship
Business license
Zoning law
an establishment formed to carry on commercial enterprise
a business owned and managed by a single individual
authorization to start a business issued by the local governm…
law in a city or town that designates separate areas of resid…
Business organization
an establishment formed to carry on commercial enterprise
Sole proprietorship
a business owned and managed by a single individual
18 terms
Chapter 8 economics
Voluntary exchange
Law of demand
Utility
Law of diminishing marginal utility
Principle that is the basis of activity in a market economy;…
Economic rule which states that the quantity demanded and pri…
Ability of any good or service to satisfy consumer wants
Economic rule stating that the additional satisfaction a cons…
Voluntary exchange
Principle that is the basis of activity in a market economy;…
Law of demand
Economic rule which states that the quantity demanded and pri…
22 terms
Chapter 8 - Economics
Macroeconomics
Civilian Labor Force
Craft Union (Trade Union)
Strike
The branch of economics that deals with economy as a whole; i…
Men and women 16 years and older who are either working or ac…
An association of skilled workers who perform the same kind o…
Refusal to work until certain demands are met
Macroeconomics
The branch of economics that deals with economy as a whole; i…
Civilian Labor Force
Men and women 16 years and older who are either working or ac…
Chapter 8- Economics
macroeconomics
civilian labor force
craft unions/trade unions
industrial unions
branch of economics that deals with the economy as a whole-em…
men and women 16 years of age and older who are either workin…
are associations of skilled workers who perform the same type…
are associations of all workers in the same industry, regardl…
macroeconomics
branch of economics that deals with the economy as a whole-em…
civilian labor force
men and women 16 years of age and older who are either workin…
31 terms
Chapter 8 Economics
bank
assets
interest
principal
A business whose main purpose is to receive deposits and make…
Anything owned to which a market value can be assigned
A periodic payment for the use of borrowed funds. When calcul…
The amount of money borrowed, or the amount of money still ow…
bank
A business whose main purpose is to receive deposits and make…
assets
Anything owned to which a market value can be assigned
31 terms
Chapter 8: Economics
Economics
Economic anthropology
Formal economic theory
Regulation of resources
the production, consumption, and transfer of wealth.
human economic behavior in its widest historic, geographic an…
based on assumption derived from observing Western, industria…
How other land, water, and natural resources are controlled a…
Economics
the production, consumption, and transfer of wealth.
Economic anthropology
human economic behavior in its widest historic, geographic an…
17 terms
Economics - Chapter 8 Vocabulary
sole proprietorship
unlimited liability
partnership
general partnership
unincorporated business owned and run by a single person who…
requirement that an owner is personally and fully responsible…
unincorporated business owned and operated by two or more peo…
form of partnership where all partners are equally responsibl…
sole proprietorship
unincorporated business owned and run by a single person who…
unlimited liability
requirement that an owner is personally and fully responsible…
49 terms
chapter 8 economics
imports
exports
absolute advantage
specialization
goods bought from other countries for domestic use
goods sold to other countries
ability of one country, using the same quantity of resources…
concept that a nation should produce and export a limited ass…
imports
goods bought from other countries for domestic use
exports
goods sold to other countries
Economics Chapter 8
investment
agricultural economy
hunting-and-gathering economy
private sector
the commitment of resources to a project or purpose that is e…
a branch of economics that specifically deals with land usage
searching for wild food resources
the part of a country's economic system that is run by indivi…
investment
the commitment of resources to a project or purpose that is e…
agricultural economy
a branch of economics that specifically deals with land usage
17 terms
Economics Chapter 8 Vocabulary
Progressive Tax
Regressive Tax
Revenue
Tax
A tax for which the percentage of income paid in taxes increa…
A tax for which the percentage of income paid in taxes decrea…
The income received by a government from taxes and other nont…
A required payment to a local, state, or national government
Progressive Tax
A tax for which the percentage of income paid in taxes increa…
Regressive Tax
A tax for which the percentage of income paid in taxes decrea…
33 terms
economics chapter 8
sole proprietorship
business license
zoning laws
liability
a business owned and managed by a single individual
authorization to operate a business issued by a local governm…
laws in a city of town that designate certain areas, or zones…
the legal obligation to pay debts
sole proprietorship
a business owned and managed by a single individual
business license
authorization to operate a business issued by a local governm…
Chapter 8 Economics Vocabulary
Financial Capital
Sole Proprietorship
Partnership
General Partnership
money needed to start or expand a business
the simplest form of business organization; a firm that is ow…
two or more people agree to contribute resources to the busin…
partners share both in the responsibility of running the busi…
Financial Capital
money needed to start or expand a business
Sole Proprietorship
the simplest form of business organization; a firm that is ow…
Chapter 8 Economics
business organization
sole proprietorship
limited life
unlimited liability
an enterprise that produces goods or provides, usually in ord…
a business organization owned and controlled by one person
situation where a business closes if the owner dies, retires,…
business owner is responsible for the business's losses and d…
business organization
an enterprise that produces goods or provides, usually in ord…
sole proprietorship
a business organization owned and controlled by one person
17 terms
Economics Chapter 8
Bank
Asset
Credit Card
Debit Card
Business whose main purpose is to receive deposits and make l…
Anything owned to which a market value can be assigned.
Card authorizing the user to buy goods and services with fund…
A card authorizing the user to access his or her own funds on…
Bank
Business whose main purpose is to receive deposits and make l…
Asset
Anything owned to which a market value can be assigned.
7 of 10