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Economics Honors MIDTERM Review Chapters 1-9: 135 questions based on the following terms:

 


scarcity

factors of production

land

capital

financial capital

labor

entrepreneur

economics

trade-offs

opportunity cost

need

economic product

want

production possibilities frontier

good

consumer good

capital goods

durable good

service

consumer

consumption

value

utility

wealth

specialization

division of labor

human capital

economic interdependence

market

standard of living

free enterprise economy

economy

economic systems

traditional economy

command economy

market economy

inflation

Social Security

fixed income

capitalism

competition

profit

private property

profit motive

mixed economy

economic institution

business organization

sole proprietorship

unlimited liability

inventory

fringe benefit

limited life

partnership

limited liability

corporation

charter

stock

stockholder

shareholder

dividend

common stock

preferred stock

proxy

bond

principal

interest

bankruptcy

revenue

merger

conglomerate

horizontal merger

vertical merger

multinational (MNC)

cooperative

labor union

collective bargaining

professional association

chamber of commerce

public utility


demand

microeconomics

demand schedule

demand curve

Law of Demand

income effect

change in quantity demanded

substitution effect

change in demand

substitutes

complements

marginal utility

diminishing marginal utility

demand elasticity

elastic

inelastic

unit elastic

supply

supply schedule

supply curve

Law of Supply

quantity supplied

change in quantity supplied

change in supply

subsidy

supply elasticity

theory of production

short run

Law of Variable Proportions

long run

production function

raw materials

total product

marginal product

stages of production

diminishing returns

fixed cost

overhead

depreciation

variable cost

total cost

marginal cost

total revenue

marginal revenue

marginal analysis

break-even point

profit-maximization

rationing

ration coupon

economic model

market equilibrium

surplus

shortage

equilibrium price

loss leader

rebate

price ceiling

minimum wage

price floor

target price

deficiency payment

laissez-faire

industry

market structure

pure competition

imperfect competition

oligopoly

monopolistic competition

product differentiation

collusion

price-fixing

price war

independent pricing

price leadership

monopoly

natural monopoly

franchise

economies of scale

patent

copyright

market failure

externality

public good

trust

price discrimination

cease and desist order

public disclosure

macroeconomics

civilian labor force

union

strike

boycott

lockout

Great Depression

right-to-work law

closed shop

union shop

grievance procedure

mediation

arbitration

fact-finding

injunction

seizure

unskilled labor

skilled labor

professional labor

wage rate

traditional theory of wage determination

equilibrium wage rate

theory of negotiated wages

seniority

labor mobility

giveback

glass ceiling

comparable worth

current dollars

real or constant dollars

sin tax

tax loophole

benefit principle of taxation

ability-to-pay

proportional tax

progressive tax

average tax rate

marginal tax rate

regressive tax

income tax

Internal Revenue Service (IRS)

tax return

indexing

FICA

medicare

corporate income tax

excise tax

luxury good

estate tax

gift tax

customs duty

sales tax

property tax

real property

tax assessor

value added tax (VAT)