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3. Micro- economics Markets Markets & Types of Businesses Misc. 10 Point
Fundamental
Economics
Micro-
economics
Markets
Markets &
Types of
Businesses
Misc.
10 Point
10 Point
10 Point
10 Point
10 Point
20 Points
20 Points
20 Points
20 Points
20 Points
30 Points
30 Points
30 Points
30 Points
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40 Points
40 Points
40 Points
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40 Points
50 Points
50 Points
50 Points
50 Points
50 Points

4. This is the lack of adequate resources to obtain all of one’s wants

5. This is the money that producers make after they have paid for all of their costs.

6. Ownership of the means of production and most property rests with this entity in a command economy

7. These are weaknesses of a market economy (name two)

8. These are ways in which the government tries to regulate the economy (name three)

9. When supply exceeds demand, this will result

10. This is where companies sell their goods to consumers for final consumption

11. There are at least six factors that can change the demand for a product or service; name three

12. This is the sensitivity of price to supply and demand and its tendency to fluctuate as supply and demand change

13. This is where producers find the capital, labor, and land needed to run their businesses

14. This is a minimum price below which the price of a good or service is not allowed to drop (creates a surplus)

15. These are the criteria for a market the features pure competition (name all four)

16. This is the main factor that differentiates a pure competition market from monopolistic competition.

17. This is the maximum price above which the price of a good is not permitted to rise (creates a shortage)

18. This is a market in which there is only one producer of a given good or service and there are no adequate substitutes.

19. This type of business is easy to start and allows flexible decision-making, but owners have unlimited liability

20. This business organization allows two or more people to pool their resources and share the risks and profits

21. This is a legal entity with shareholders who enjoy limited liability but who are subject to double taxation

22. This is a way for companies to raise money without giving up ownership shares

23. This market structure prevents perfect competition with only a few producers who can affect the price of a product

24. A company that pays for tuition for its employee’s education and training is investing in this

25. Educated employees tend to enjoy a higher overall _________ than less educated workers

26. These are used to make other goods or provide services

27. This is using resources that could bring immediate benefits for the purpose of gaining greater benefits at a later time

28. This is the amount of money a borrower pays to a lender in exchange for the use of that lender’s money

29. Final Jeopardy
Make your wager

30. There are at least seven factors that can change the supply of a product or service; name three

31. What is scarcity?

32. What is profits?

33. What is government?

34. Less security for businesses and workers Income inequality
What is
Less security for businesses and workers
Income inequality
Greater risk of failure
No guarantee of jobs or income
Public goods and services are not available for those who are not successful in the marketplace?

35. Trade restrictions (e.g., tariffs, subsidies)
What are
Trade restrictions (e.g., tariffs, subsidies)
Intervention to resolve market failures
Environmental regulations
Monetary policy
Workplace safety
Consumer protection?

36. What is a surplus?

37. What is the product market?

38. Consumer expectations
What are
Consumer income
Consumer tastes
Number of consumers
Consumer expectations
Price of substitutes
Price of complements?

39. What is elasticity?

40. What is the factor market?

41. What is a price floor?

42. What are
Large # of buyers and sellers
Identical products
No barriers to entering the market
Free exchange of price information for consumers and producers

43. What is product differentiation?

44. What is a price ceiling?

45. What is a monopoly?

46. What is a sole proprietorship
What is a sole proprietorship? (which is also hard to finance and has a limited life)

47. What is a partnership?

48. What is a corporation?

49. What are bonds?

50. What is an oligopoly?

51. What is human capital?

52. What is standard of living?

53. What are capital goods?

54. What is investment?

55. What is interest?

56. Government regulations
What are:
Cost of resources
Productivity
Technology
Taxes & subsidies
Expectations
Government regulations
Number of sellers