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Economics Honors UNIT 1 Test Review: Know these 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


 

Essay: Mergers, conglomerates, and multinationals are becoming more common in the world of business. Explain each of these business forms and describe one way the consumer benefits from each. -or- Explain how the government can play a direct and indirect role as a link between consumers and resources.