Economics Final Exam Correct
Question with Complete Answers.
EconomicsComplete Answers the study of how people seek to satisfy their needs and
wants by making choices
Horizontal MergerComplete Answers the combination of two or more firms competing in
the same market with the same good or service
Vertical MergerComplete Answers the combination of two or more firms involved in
different stages of producing the same good or service
ShortageComplete Answers a situation in which a good or service is unavailable
ScarcityComplete Answers limited quantities of resources to meet unlimited wants
Factors of ProductionComplete Answers land, labor, and capital; the three groups of
resources that are used to make all goods and services
EntrepreneurComplete Answers ambitious leader who combines land, labor, and capital
to create and market new goods or services
Trade-OffComplete Answers the alternative we sacrifice when we make a decision
Opportunity CostComplete Answers the most desirable alternative given up as the
result of a decision
Human CapitalComplete Answers the skills and knowledge gained by a worker through
education and experience
Physical CapitalComplete Answers all human-made goods that are used to produce
other goods and services; tools and buildings
Thinking at the MarginComplete Answers deciding whether to do or use one additional
unit of some resource
Production Possibility GraphComplete Answers a graph that shows alternative ways to
use an economy's resources
Production Possibility FrontierComplete Answers the line on a production possibilities
graph that shows the maximum possible output for a specific economy
, Adam SmithComplete Answers classic economist that believed the market could
regulate itself
Classical EconomicsComplete Answers the idea that free markets can regulate
themselves
Free MarketComplete Answers individuals and privately owned businesses own the
factors of production and therefore, make what they want and buy what they want
Command EconomyComplete Answers economic system in which the central
government makes all of the decisions on the production and consumption of goods and
services
Mixed EconomyComplete Answers economic system that combines tradition and free
market with limited government involvement
Natural MonopolyComplete Answers a market that runs most efficiently when one large
firm supplies all of the output
Perfect CompetitionComplete Answers a market structure in which a large number of
firms all produce the same product
Monopolistic CompetitionComplete Answers a market structure in which many
companies sell products that are similar but not identical
Non-price CompetitionComplete Answers a way to attract customers through style,
service, or location, but not a lower price
CartelComplete Answers a formal organization of producers that agree to coordinate
prices and production
Sherman Anti-Trust ActComplete Answers law that outlawed mergers and monopolies
that limit trade between states
Clayton Anti-Trust ActComplete Answers law that outlawed practices that limit
competition or lead to monopoly
Sole ProprietorshipComplete Answers a business owned and managed by a single
individual
General PartnershipComplete Answers partnership in which partners share equally in
both responsibility and liability
Limited PartnershipComplete Answers partnership in which only one partner is required
to be a general partner
Question with Complete Answers.
EconomicsComplete Answers the study of how people seek to satisfy their needs and
wants by making choices
Horizontal MergerComplete Answers the combination of two or more firms competing in
the same market with the same good or service
Vertical MergerComplete Answers the combination of two or more firms involved in
different stages of producing the same good or service
ShortageComplete Answers a situation in which a good or service is unavailable
ScarcityComplete Answers limited quantities of resources to meet unlimited wants
Factors of ProductionComplete Answers land, labor, and capital; the three groups of
resources that are used to make all goods and services
EntrepreneurComplete Answers ambitious leader who combines land, labor, and capital
to create and market new goods or services
Trade-OffComplete Answers the alternative we sacrifice when we make a decision
Opportunity CostComplete Answers the most desirable alternative given up as the
result of a decision
Human CapitalComplete Answers the skills and knowledge gained by a worker through
education and experience
Physical CapitalComplete Answers all human-made goods that are used to produce
other goods and services; tools and buildings
Thinking at the MarginComplete Answers deciding whether to do or use one additional
unit of some resource
Production Possibility GraphComplete Answers a graph that shows alternative ways to
use an economy's resources
Production Possibility FrontierComplete Answers the line on a production possibilities
graph that shows the maximum possible output for a specific economy
, Adam SmithComplete Answers classic economist that believed the market could
regulate itself
Classical EconomicsComplete Answers the idea that free markets can regulate
themselves
Free MarketComplete Answers individuals and privately owned businesses own the
factors of production and therefore, make what they want and buy what they want
Command EconomyComplete Answers economic system in which the central
government makes all of the decisions on the production and consumption of goods and
services
Mixed EconomyComplete Answers economic system that combines tradition and free
market with limited government involvement
Natural MonopolyComplete Answers a market that runs most efficiently when one large
firm supplies all of the output
Perfect CompetitionComplete Answers a market structure in which a large number of
firms all produce the same product
Monopolistic CompetitionComplete Answers a market structure in which many
companies sell products that are similar but not identical
Non-price CompetitionComplete Answers a way to attract customers through style,
service, or location, but not a lower price
CartelComplete Answers a formal organization of producers that agree to coordinate
prices and production
Sherman Anti-Trust ActComplete Answers law that outlawed mergers and monopolies
that limit trade between states
Clayton Anti-Trust ActComplete Answers law that outlawed practices that limit
competition or lead to monopoly
Sole ProprietorshipComplete Answers a business owned and managed by a single
individual
General PartnershipComplete Answers partnership in which partners share equally in
both responsibility and liability
Limited PartnershipComplete Answers partnership in which only one partner is required
to be a general partner
