. What is the great advantage of competitive markets? Factor Markets—What is a factor market? Demand is then said to be 13. One characteristic of this , which allows people to choose their occupation, employer, and kind of economy is 3 , the act of buyers and sellers freely and willingly job location. What is the response of free traders to this argument? Corporate Bonds; Municipal Bonds; Government Savings Bonds—Which type of bond is generally tax-exempt? Community Organizations and Cooperatives Nonprofit organizations include community organizations, such as schools, churches, and hospitals. Bond Yields—What is a bond's current yield? What is the opportunity cost of a policy of protecting a domestic industry, such as shoe manufacturers? Future Population Growth—What is expected of the rate of future population growth? What is the goal of demand-side policies? Explain the purpose of each one. On what assumption is the concept of comparative advantage based? Product Markets—Where do individuals spend their income from the resources they sell? An example is the minimum wage. Copyright © by The McGraw-Hill Companies, Inc.
Sometimes they support a certain policy because they think some problems are more critical than others. How can pollution be controlled? They can do so by comparing extra , and extra benefits, or 13. Why does the supply curve shift to the left? Consumer Tastes—What factors can affect consumer tastes? Introduction—What is the difference between what protectionists and free traders want? One is inefficient resource allocation because 1 tends to reduce the efficient use of scarce resources. Utility—What is required for something to have value? Under what circumstances does a country have an absolute advantage? It plays an indirect role when it , where regulates certain areas of the economy. The quiz and worksheet for this lesson will help you to better understand the economy and, in turn, help you understand this complex relationship. What are three examples of nonbank institutions that can act as financial intermediaries? Another category are 3 —the extra costs incurred when a business produces one additional unit of a of cost is 5 product.
Some programs provide direct cash assistance. How does the principle of diminishing marginal utility affect how much people are willing to pay? A n 10 received by someone who was not involved in the activity that generated the benefit. Consequences of Inflation—What effects does inflation have on an economy? The Bureau of the Census defines the 3 available for work who have made a specific effort to find a job in the past month and who, during the most recent survey week, worked less than one hour for pay or profit. Change in the Quantity Demanded A. Under what conditions are monopolies acceptable? However, efforts to make agriculinto 11 tural output responsive to market forces have not lowered the overall cost of farm programs.
What are two pieces of advice analysts offer to investors about consistency and simplicity? What can business owners do with cash flow to help their businesses? What is the trade-off in increasing the minimum wage? While globalization can lead to great economic gains, these gains may not be important to everyone. Protecting Domestic Jobs—How could tariffs and quotas protect domestic jobs? Communities and their economies benefit when their people are better of a n 15 educated. Cost-Push—How do labor costs affect inflation? The sum of these two costs is 4. The total of these unchanging costs, or 2 remains the same. Counting the Population—What are the two classifications of population? Goods, Services, and Consumers A.
Total Product—What is total product? What factors could decrease aggregate supply? Globalization Trends and With continued globalization, two trends stand out: growing economic 5 growing regional integration. Command economy Advantages: Disadvantages: Copyright © by The McGraw-Hill Companies, Inc. Consumer Income—What happens if consumer income rises? The next solution was to give farmers a n 9. On the other hand, expenses that change—such as one associated with labor and raw materials—. How are trade-offs among goals resolved? Some words may be used more than once.
What is rationing, and when is it most likely to be used? When the change in demand is relatively small, the demand is. What are three examples of economic freedom for individuals? What is fiscal policy and from whose theories does it derive? An unstable economy can also lead to political instability as well as a rise in crime rates and poverty. Another factor is 5 , which may favor some groups over others in hiring and advancement. What group is currently the largest component in the total population? One example is a 5 makes loans to, employees of a particular company or agency. Role of Government—What is Keynes' justification for temporary federal deficits? Introduction—To what does value refer? Population in the United States A.
How do protectionists use national defense as an argument to support trade barriers? Secondary Markets—What is the major benefit of the secondary market? Recovery and Legislation—List two laws or agencies that were established after the Great Depression in an effort to protect people and prevent another depression. What is one advantage of a market economy? What happens to the market demand curve whenever anyone leaves the market? What determines the point of macroeconomic equilibrium? They are usually provided by the government. Multinationals—What are the advantages and disadvantages of multinationals? Employees contribute to the plan through payroll deductions. As you read Section 3, answer the questions on the lines provided. Copyright © by The McGraw-Hill Companies, Inc.
The monthly unemployment rate is expressed as a. Innovation and Imitation—What does an innovation usually trigger in industry? Using Everyday Economic Statistics—What is the composite index of leading economic indicators? Investors also take of the advantages of diversification, many investors buy shares in 4 advantage of a popular tax-deferred investment and savings plan offered by their employers known as a 5. Introduction—What are two market failures the government is able to correct? Achieving the goal of 2 changes that can benefit some and be detrimental to others. Introduction—Why does the government periodically take a census? Spanish Section Quizzes for Chapter 2. What are the advantages and disadvantages of a sole proprietorship? Business Cycles: Characteristics and Causes A. What does the Law of Supply State? What happens to the rate of increase in total production during this stage? Despite the growth and support for 11 always been smooth.
What three factors determine the demand for a product? Forcing firms to address pollution and producers. What is the circular flow of funds? What happens when people work? Bond Ratings—What are three factors bonds are rated on? There are also groups that hold 4 and are in a better position to demand higher wages. World Population Growth—What is the annual population growth rate? What is an aggregate demand curve? What is gross domestic product? What effect does this stage have on hiring? Investing in Human Capital—In what ways can government, businesses, and individuals invest in human capital? The Role of the Consumer In the United States, consumers have power in the economy because they determine which products are produced. It participates in 7 when it negotiates with management over various job-related matters. It is the cost to meeting their needs. Resolving Trade-Offs Among Goals A. Promoting Infant Industries—What is the infant industry argument? Unit change in quantity demanded.