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Study sets matching "economics chapter 8"

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Study sets matching "economics chapter 8"

21 terms
MicroEconomics: Chapter 8
Imports
Exports
Globalization
Ricardian model of international trade
Goods and services purchased from other countries.
Goods and services sold to other countries.
Phenomenon of growing economic linkages among countries.
Analyzes international trade under the assumption that opport…
Imports
Goods and services purchased from other countries.
Exports
Goods and services sold to other countries.
13 terms
Chapter 8 Civics and Economics
Political Party
two-party system
third party
platform
an association of voters with broad common interests who want…
a system of government in which two political parties compete…
a political party that challenges the two major parties
a series of statements expressing a party's principles, belie…
Political Party
an association of voters with broad common interests who want…
two-party system
a system of government in which two political parties compete…
20 terms
Chapter 8- Economics
Demand factor
Economic growth
Economies of scale
Efficiency factor
the requirement that aggregate demand increase as fast as pot…
(1) an outward shift in the production possibilities curve th…
...
the capacity of an economy to achieve allocative efficiency a…
Demand factor
the requirement that aggregate demand increase as fast as pot…
Economic growth
(1) an outward shift in the production possibilities curve th…
15 terms
Economics Principles and Practices Chapter 8
civilian labor force
craft union or trade union
industrial union
strike
men and women 16 years old and over who are either working or…
an association of skilled workers who perform the same kind o…
an association of all workers in the same industry, regardles…
refusal to work until certain demands are met
civilian labor force
men and women 16 years old and over who are either working or…
craft union or trade union
an association of skilled workers who perform the same kind o…
28 terms
Economics Chapter 8
Sole proprietorship
Unlimited liability
Partnership
What are the two types of Partnership
Business owned and run by a single individual
Owner is fully responsible for all losses and debts
Business owned and operated by two or more people who share p…
General- all equally responsible ... Limited- 1 or more aren't a…
Sole proprietorship
Business owned and run by a single individual
Unlimited liability
Owner is fully responsible for all losses and debts
8 terms
Economics Chapter 8
Business Organizations
Sole Proprietorship
Limited Life
Unlimited Liability
Enterprise that produces goods or provides services
Business owned and managed by a single person
Situation in which a business ceases to exist if the owner di…
Situation in which a business owner is responsible for all th…
Business Organizations
Enterprise that produces goods or provides services
Sole Proprietorship
Business owned and managed by a single person
21 terms
Economics Chapter 8 Vocab
entrepreneur
start up
small business incubator
inventory
person who organizes, manages, and assumes risks of a busines…
beginning business enterprise
government funded agency that assists new business by providi…
extra supply of such items used in a business, such as raw ma…
entrepreneur
person who organizes, manages, and assumes risks of a busines…
start up
beginning business enterprise
21 terms
economics chapter 8 vocab
entrepreneur
startups
small business incubator
inventory
A person who organizes, manages, and takes on the risks of a…
a beginning business enterprise
Private- or government funded agency that assists new busines…
extra supply of the items used in a business, such as raw mat…
entrepreneur
A person who organizes, manages, and takes on the risks of a…
startups
a beginning business enterprise
34 terms
economics chapter 8
business owned by an individual
business owned by 2 or more people
business organization recognized by la…
written gov't approval to establish a…
sole proprietorship
partnership
corporation
charter
business owned by an individual
sole proprietorship
business owned by 2 or more people
partnership
10 terms
Economics Chapter 8
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 the a city that designates separate areas for residenc…
Business organization
an establishment formed to carry on commercial enterprise
Sole proprietorship
a business owned and managed by a single individual
36 terms
Chapter 8 Economics
savings
Interest
Interest Rate
Federal Reserve System
the dollars that become available for investors to use when o…
payment made for the use of borrowed money; usually paid at p…
the price of credit to a borrower
privately owned, publicly controlled, central bank of the Uni…
savings
the dollars that become available for investors to use when o…
Interest
payment made for the use of borrowed money; usually paid at p…
34 terms
Chapter 8 Vocab Economics
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 for resi…
business organization
an establishment formed to carry on commercial enterprise
sole proprietorship
a business owned and managed by a single individual
38 terms
chapter 8 economics 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 governm…
law in a city or town that designates separate areas for resi…
business organization
an establishment formed to carry on commercial enterprise
sole proprietorship
a business owned and managed by a single individual
23 terms
Economics Chapter 8 Vocabulary
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
34 terms
Economics Chapter 8
Business organization
Sole proprietorship
Business license
Zoning law
an establishment formed to carry on commercial enterprise
a business owned and managed by single individual
authorization to start a business issued by the local gov.
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 single individual
18 terms
Chapter 8 Vocab Economics
General Partnership
Limited Partnership
Corporation
Stock
Most common form of partnership; all partners are responsible…
At least one partner is not active in the daily running of th…
A form of business organization recognized by law as a separa…
A type of security that signifies ownership in a corporation…
General Partnership
Most common form of partnership; all partners are responsible…
Limited Partnership
At least one partner is not active in the daily running of th…
34 terms
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
31 terms
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
43 terms
Economics Chapter 8 vocab
Macroeconomics
Civilian Labor Force
Craft Union (Trade Union)
Industrial Union
the branch of economics that deals with the economy as a whol…
men and women 16 years old and older who are working or activ…
an association of skilled workers who perform the same kind o…
an association of all workers in the same industry, regardles…
Macroeconomics
the branch of economics that deals with the economy as a whol…
Civilian Labor Force
men and women 16 years old and older who are working or activ…
12 terms
Economics Chapter 8
Offshoring
Outsourcing
Subsidies
Quotas
Sending jobs overseas to cheaper labor markets
Contracting another firm to provide service/work for lower co…
Money from the government to an industry to protect it from f…
Limit on the number of certain goods that can be imported
Offshoring
Sending jobs overseas to cheaper labor markets
Outsourcing
Contracting another firm to provide service/work for lower co…
28 terms
Economics chapter 8
craft union
industrial union
strike
picket
labor union whose members perform the same kind of work
labor union whose members perform different kinds of work in…
union organized work stoppage designed to make an employer me…
demonstrate or march before a place of buissness to protest a…
craft union
labor union whose members perform the same kind of work
industrial union
labor union whose members perform different kinds of work in…
9 terms
Economics Chapter 8
Explicit Cost
Implicit Cost
Short run
Long run
A cost incurred when an actual (monetary) payment is made
A cost that represents the value of resources used in product…
A period of time in which some (at least one) inputs in the p…
A period of time in which all inputs in the production proces…
Explicit Cost
A cost incurred when an actual (monetary) payment is made
Implicit Cost
A cost that represents the value of resources used in product…
35 terms
Economics chapter 8
Business organization
Sole proprietorship
Business license
Zoning law
And establishment forms 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 and a city or town that designates separate areas for res…
Business organization
And establishment forms to carry on commercial enterprise
Sole proprietorship
A business owned and managed by a single individual
22 terms
Economics Chapter 8
Private Saving =
Public Saving =
Investment (closed economy) =
National Saving (closed economy) =
Y-T*(tax if one)-C, the portion of households' income that is…
T-G, tax revenue less government spending
private saving + public saving
private saving + public saving, or Y-C-G
Private Saving =
Y-T*(tax if one)-C, the portion of households' income that is…
Public Saving =
T-G, tax revenue less government spending
43 terms
Economics Chapter 8
Types of Unions (list and define)
Tactics Unions use to Improve their wo…
Employer Tactics against Unions (list)
Pick one Pro or Anti Union Legislation…
Craft/Trade Union: labor unions whose workers perform the sam…
boycotts... pickets... strike
look out ... company unions... firings
Pro Union Legislation - Fair Labor Standards Act 1938: law pr…
Types of Unions (list and define)
Craft/Trade Union: labor unions whose workers perform the sam…
Tactics Unions use to Improve their wo…
boycotts... pickets... strike
24 terms
Economics Chapter 8
perfect competition
price taker
marginal revenue
average revenue
a market structure with many fully informed buyers and seller…
a firm that faces a given market price and whose quantity sup…
the firm's change in total revenue from selling an additional…
total revenue divided by quantity, in all market structures,…
perfect competition
a market structure with many fully informed buyers and seller…
price taker
a firm that faces a given market price and whose quantity sup…
40 terms
economics chapter 8
sole proprietorship
unlimited liability
inventory
limited life
a business owned and run by a single individual who has right…
requirement that an owner is personally and fully responsible…
stock of goods held in reserve; includes finished goods waiti…
situation in which a firm legally ceases to exist when an own…
sole proprietorship
a business owned and run by a single individual who has right…
unlimited liability
requirement that an owner is personally and fully responsible…
15 terms
Economics: Chapter 8
Economic Growth
Arithmetic of growth
Modern Economic Growth
Leader countries
is increase in real GDP or real GDP per capita over period of…
Rule of 70
-Began with the Industrial Revolution... -Increased living stand…
invent technology
Economic Growth
is increase in real GDP or real GDP per capita over period of…
Arithmetic of growth
Rule of 70
24 terms
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
18 terms
Economics Chapter 8
Investment
Debtor
Creditor
Check
The commitment of resources to a project or purpose that is e…
One who borrows money or capital.
One who lends money or capital.
An account holder's written order that authorizes his bank to…
Investment
The commitment of resources to a project or purpose that is e…
Debtor
One who borrows money or capital.
46 terms
Chapter 8 Economics Vocabulary
Compromise
Entity
Sole Proprietorship
Unlimited Liability
to be composed of
unit or being
unincorporated business owned and run by a single person who…
requirement that an owner is personally and fully responsible…
Compromise
to be composed of
Entity
unit or being
17 terms
Economics Terms Chapter 8
Average fixed cost
Average total cost
Average variable cost
Fixed cost
Total fixed cost divided by the number of units of output; a…
Total cost divided by the number of units of output
Total variable cost divided by the number of units of output
Any cost that does not depend on the firms' level of output.…
Average fixed cost
Total fixed cost divided by the number of units of output; a…
Average total cost
Total cost divided by the number of units of output
Economics Chapter 8
Macroeconomics
Civilian Labor Force
Craft Union/ Trade Union
Industrial Union
the branch of economics that deals with the economy as a whol…
men and women 16 years old and over who are either working or…
an association of skilled workers who perform the same kind o…
an association of all workers in the same industry, regardles…
Macroeconomics
the branch of economics that deals with the economy as a whol…
Civilian Labor Force
men and women 16 years old and over who are either working or…
12 terms
Economics chapter 8
Invesment
Debtor
Creditor
Checking account
Commitment of resources to project or purpose that is expecte…
Person who borrows money
Person who lends money or capital
An account that allows checks to be written up to the dollar…
Invesment
Commitment of resources to project or purpose that is expecte…
Debtor
Person who borrows money
27 terms
Chapter 8 Economics
Sole proprietorship
business organization
business license
liability
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…
the legal obligation to pay debts
Sole proprietorship
a business owned and managed by a single individual
business organization
the ownership structure of a company or firm
8 terms
Economics Chapter 8
Aggregate Demand
Real-balances effect
Foreign Purchases Effect
Interest Rate Effect
The amounts of real domestic output that domestic consumers,…
Because higher prices reduce real spending power, prices and…
When domestic prices are high relative to their imported alte…
Higher prices lead to inflation, which leads to less borrowin…
Aggregate Demand
The amounts of real domestic output that domestic consumers,…
Real-balances effect
Because higher prices reduce real spending power, prices and…
24 terms
economics chapter 8 vocab
business organization
sole proprietorship
business license
zoning laws
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 for resi…
business organization
an establishment formed to carry on commercial enterprise
sole proprietorship
a business owned and managed by a single individual
16 terms
Economics Chapter 8
Savings
Commercial bank
Savings bank
Dividend
Trading current spending for the ability to spend in the futu…
A financial institution that serves individuals and businesse…
A financial institution owned by its depositors.
Portion of a company's profits paid to the owners.
Savings
Trading current spending for the ability to spend in the futu…
Commercial bank
A financial institution that serves individuals and businesse…
34 terms
Economics Chapter 8 Vocab
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
Checking account
Check
Savings account
Certificate of deposit (CD)
An account that allows checks to be written up to the dollar…
An account holder's written order that authorizes his bank to…
A bank account that allows the account holder to earn interes…
A savings account that guarantees a certain interest rate and…
Checking account
An account that allows checks to be written up to the dollar…
Check
An account holder's written order that authorizes his bank to…
14 terms
Economics Chapter 8
Average Fixed Cost (AFC)
Average Total Cost (ATC)
Average Variable Cost (AVC)
Fixed cost
Total fixed cost divided by the number of units of output; A…
Total cost divided by the number of units of output.
Total variable cost divided by the number of units of output.
Any cost that does not depend on the firms level of output. T…
Average Fixed Cost (AFC)
Total fixed cost divided by the number of units of output; A…
Average Total Cost (ATC)
Total cost divided by the number of units of output.
34 terms
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
10 terms
Economics Chapter 8
Labor Force
Educational Attainment
Discrimination
goods - producing industry
The number of people 16 years of age or older working or look…
The number of years of school completed
discrimination based on economic factors
One that primarily makes goods
Labor Force
The number of people 16 years of age or older working or look…
Educational Attainment
The number of years of school completed
23 terms
Economics Chapter 8 Vocab
Entrepreneur
Startup
Small-Business Incubator
Inventory
person who organizes, manages, and assumes the risks of a bus…
Beginning business entrepreneur
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
Beginning business entrepreneur
10 terms
Economics Chapter 8
stocks
corporation
shares
limited liability
the resources corporations gather by selling ownership in the…
a legal entity which is distinct from the people who own it
equal portions of a corporation's stock
if a corporation fails or declares bankruptcy, the individual…
stocks
the resources corporations gather by selling ownership in the…
corporation
a legal entity which is distinct from the people who own it
24 terms
Economics Chapter 8
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 the city or town that designates separate areas for re…
Business organization
an establishment formed to carry on commercial enterprise
sole proprietorship
a business owned and managed by a single individual
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
34 terms
economics chapter 8
business organization
sole proprietorship
ease of start up, few regulations, sol…
unlimited personal liability, limited…
an establishment formed to carry on commercial enterprise, co…
most common, owned and managed by a single individual, owner…
advantages of a sole proprietorship
disadvantages of a sole proprietorship
business organization
an establishment formed to carry on commercial enterprise, co…
sole proprietorship
most common, owned and managed by a single individual, owner…
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…
21 terms
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
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