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Abeka Economics: Final Exam
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Abeka Economics: Final Exam
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25 Questions

1. a contract between two parties in which one party protects the other against certain types of loss in exchange for payments called premiums

2. says that when the price of a good falls, consumers tend to buy more of that good or of other items because they can do so without giving up anything

3. things produced for direct use by consumers

4. the old word for the bad habit of spending more than one can afford

5. include land and other raw materials

6. the ability of one entity to produce goods or provide services more efficiently than his competitors when given the same resources.

7. US house of representatives from ND

8. demand for these items decreases as consumers' incomes increase and vise versa

9. term refers to the value of all finished goods and services produced within a nation during a year

10. in which the decisions involving the production, distribution, and consumption of goods are based upon custom, heredity, and caste.

11. the difference in value of the goods that a country sells abroad compared to those it purchases from other countries.

12. what a particular good is worth in the exchange for some other goods

13. the industrial skills and scientific methods that make possible efficient production

14. a good whose demand is directly related to consumers' incomes

15. an arrangement provided by an individual's employer for the intent of providing for the employee's retirement from work

16. force consumer to buy certain products before he can buy the product he really wants.

17. US senator from ND

18. the quantity of a good for sale at a certain price under certain conditions or simply the amount of a good that is produced.

19. the overall term referring to F. Roosevelt's plan to help the USA out of Great Depression

20. an economic system that provides barely enough to keep a society alive

21. a collusion of businesses which join together to restrict or eliminate competition

22. speaker of the house

23. the total value of a business minus any liabilities

24. the quality of producing effectively with a minimum of waste

25. groups of firms that produce simlar prodcus or provide similar services

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