Economics Final Exam Review

Front

Which direction will the demand curve shift to show an increase in demand?

Back

Right

Front

What type of market structure does the athletic shoe industry have? Nike, New Balance, and Adidas all produce athletic shoes. In the athletic shoe market, there are many producers, a lot of similar products, few barriers to entry, and firms have only some control over prices.

Back

monopolistic competition

Front

An oven at a bakery is an example of which factor of production?

Back

capital

Front

In a few years, you may leave college and seek employment you are unemployed! What type of unemployment does this represent?

Back

frictional unemployment

Front

As prices increase demand...

Back

decreases

Front

Term that applies to the ability to buy something now and pay for it later over a period of time (usually with having to pay a finance charge and/or the addition of interest).

Back

Credit

Front

Cost of credit expressed as a yearly percentage

Back

APR

Front

The cost of borrowed money, usually expressed as a percentage.

Back

interest

Front

401(k), IRA, and Roth IRA are all examples of a __________ account.

Back

Retirement

Front

This is an obligation of repayment, usually including principal plus interest; any time you owe someone money.

Back

debt