Notgrass Exploring Economics Units 6-10 Exam Questions And Answers Rated A+ New Update Assured Satisfaction

aggregate demand - The total of all goods and services that all households, companies, and the government are willing and able to buy at any price in a given period of time balance of trade - The difference between a country's imports and exports benefits - Things of value that employers provide which are usually not taxable business cycle - A series of economic expansions and contractions cartel - A _____________ is a group of providers that engage in collusion to increase profits comparative - _____________ advantage is the situation in which one producer has a smaller opportunity cost of producing a good or service compared to another producer comparative advantage - The situation in which one producer has a smaller opportunity cost of producing a good or service compared to another producer credit - _____________ is the ability to carry debt currency - The Federal Reserve officially issues U.S. _____________ deficit - When a country has more imports than exports it has a trade _____________ entrepreneur - An _____________ is an individual who starts a new businessexports - _____________ are goods and services that producers create within a country and then sell and send to people, companies, or governments in other countries externalities - The effects from supply and demand activity that affect people who are not the actual buyers and sellers in a transaction fiat currency - Money that has value not based on its relation to a commodity, but by a nation's government declaring that its money is legal tender fixed - _____________ costs are expenses that have to be paid regardless of the rate of production floor - A price _____________ is the minimum-allowable price set by law that is above the market-clearing price fluctuations - Milton Friedman believed that money supply not keeping pace with output was the cause of economic _____________ franchising - _____________ is the practice of a local business purchasing the right to use the name and business model of a large company frictional unemployment - Unemployment of people who simply have not had the time to find a job government - Today's largest and strongest unions represent _____________ workers import tariff - A tax placed on goods that businesses import into a country inflation - A general, across-the-board increase in prices throughout the economy interest - The price of borrowing moneylaw of demand - All else being equal, when the price of a good or service rises, demand falls law of supply - All else being constant, as the price for a product or service increases, production will increase market - Anywhere sellers offer goods and services and buyers purchase them price - In economics terms, _____________ is what consumers pay when they buy a product or service and what suppliers receive when they sell a product or service public goods - _____________ are goods and services that more than one person, household, or company can use at a time sanction - A _____________ is an order forbidding citizens from trading with another country securities - The Federal Reserve System conducts open market operations in which it buys and sells U.S. Treasury bonds and other _____________ to inject money into or to withdraw money from the economy small business - A _____________ is privately owned and operated and has fewer than 500 employees sole proprietorship - The most common type of business organization in the United States is the _____________ specialization - Concentrating on one kind of work subsidies - Government payments to industries that have to compete in a world market where prices are lower than they are in the producing country