Flashcard on Economic Concepts

Front

Tangible items that can be touched, used, and purchased are _____?

Back

goods

Front

Ethical behavior calls for honesty. Which of the following actions could be considered ethical? Borrowing a classmate’s homework to copy the answers. Studying for a test with a friend. Checking personal e-mail at work during your shift. Returning a homecoming dress to the store after wearing it to the dance.

Back

Studying for a test with a friend.

Front

Which of the following is an example of a human resource? knowledge, time, money, possessions

Back

knowledge

Front

What decision-making strategy weighs the costs against the benefits of an action, purchase, or financial decision?

Back

cost-benefit analysis

Front

Social Security, Medicare, and Medicaid are examples of what?

Back

entitlements

Front

_____ gives you access to a vast diversity of goods and services through worldwide markets.

Back

Globalization

Front

Planning to buy a car in one year is an example of a ______ goal.

Back

short-term

Front

Monthly rent payments are an example of a(n) ______ expense.

Back

fixed

Front

Which of the following is a benefit of making charitable contributions? Tax deductions on an individual’s income tax return. A feeling of fulfilling social responsibility. Being philanthropic is known to make individuals feel happier and relieve stress. All of the above.

Back

All of the above.

Front

When a budget period ends, fill in the ______ column and total each section.

Back

Actual