Econ Final

• Price QD
• $0.50 5
• $1.00 4
• $1.50 3
• $2.00 2

• Elastic Demand:
• As the price is lowered...total revenue rises.
• As the price is raised ...total revenue falls

• Inelastic Demand:
• As the price is lowered...Total revenue falls
• As the price is raised...total revenue rises.

Land, labor, and capital.

Human and Physical

Improvements in technology allow an economy to produce more output from the same or smaller quantity of inputs, or resources.

• Efficient
• Freedom

• Poor quality of goods
• no incentive
• Lack of choices

• 1. employment
• 2. Growth
• 3. Stability

• 1. social security
• 2 TAMF

• 1. Food Stamps
• 2. Cash-AID

• 1. Medicare - used for the elderly
• 2. Madicade - used for low income person

Consumers buy more of a good when its price decreases and Less of a good when the price increases.

no, it didn't last long

1. You couldn't pay back loans

Bank holiday

• 1. Issue loans
• 2. Store money

• 1. Commercial banks
• 2. Savings Banks

recession, depression, stagflation

• 1. Banks
• 2. Credit Unions

• 1. coupon rate
• 2. par value
• 3. maturity

1.

people on fixed incomes are more effected by it.

• 1. you can't tax exports
• 2. you can't tax in between states

• 1. symplicity
• 2. fairness

• 1. lack of education
• 2. lack of skill
• 3. cultural or racial backgrounds
• 4. change in household

• 1. demand pool
• 2. cost push
• 3. raise spiral

if its above then there are more workers.

• 1. free
• 2. price incentive
• 3. flexible

its were goods are bought and sold illegaly

• Law of supply is the tendency of suppliers to offer more of a good at a hire price.
• relationship between elasticity and time

• fixed cost: doesn't change
• veriable cost: goes up or down

• 1. subsidies
• 2. taxes
• 3. regulations

there is no price control

• 1. many buyers and sellers participate in the market
• 2. sellers offer identical products
• 3. buyers and sellers are well informed about products
• 4. sellers are able to enter and exit the market freely

• 1. start up costs
• 2. technology

when all the markets are owned and controlled by one person

when the market is controlled by a few large firms

• 1. some market power
• 2. distinct customer groups
• 3. difficult resale

• 1. many firms
• 2. few artificial barriers to entry

• 1. physical characteristics
• 2. location

• 1. predator pricing
• 2. bariers to entry
• 3. collusion

they are a form of organization of producers that agree to coordinate prices and production.

the airline industry and banking industry

• frictional unemployment
• seasonal unemployment
• structural unemployment
• cyclical unemployment

• 1. social security
• 2. medicare

• 1. education
• 2. scientific research

• 1. operating budgets
• 2. capital budgets

• 1. difficulty of changing speding levels
• 2. predicting the future
• 3. delayed results

• 1. taxes
• 2. transfer

their role was spending

their spending went up

shows that increasing tax rates beyond a certain point makes it harder to raise further tax revinue.

because it leads to extremely high inflation

• 1.foreign investers
• 2. US investers

debt is a total of all deficits

• 1. delayed results
• 2. consensus
• 3. predicting the future

• 1. ease of start up
• 2. full control
• 3. sole receiver of profit

• 1. completely liable
• 2. not much resources
• 3. lack of permanence

• 1. ease of start up
• 2. shared decision making/ specialization

• 1. unlimited liability
• 2. potential for conflict

• 1. Low liability due to cooporate veil
• 2. transferable info

• 1. expensive start up
• 2. requirements and regulations

• 1. built in reputation
• 2. standardized quality
• 3. good managment and training

• 1. vertical
• 2. horizontal
• 3. conglomerates

• 1. expensive to start up
• 2. strict guidelines
• 3. limited product line

• 1. personal
• 2. service cooperative

• 1. they would have had to work atleast one hour pay in the last week
• 2. worked 15 or more hours without pay in a family business or farm
• 3. held jobs but did not work due to illness, labor disputes or bad weather.

unemployed

• our prodution of services is increasing faster than our production of goods.
• ex: financial services, online services, healthcare and desktop publishing.

30% of women were in the work force, in 2010 there are 62.2%

• 1. easier to fire
• 2. usually paid less

the cost of benefits went up

• 1. unskilled
• 2. semi skilled
• 3. skilled
• 4. professional

1.

• 1. wages and benefits
• 2. working conditions
• 3. job security
• 4.

Mediation- is when a neutral mediator meets at both sides to find a solution.

Arbitration- is when a 3rd party reviews the cass and imposes a decision when legaly binding for both sides.

• 1. medium of exchange
• 2. unit of account
• 3. store value

• 1. durability
• 2. portability
• 3. exceptability

• 1.Commodity money
• 2. representative money
• 3. fiat money

• 1. The federalists who were lead by Jefferson supported the central banking system.
• 2. the anti-federalists who were lead by Hamilton and they supported the state banking system.