ABEKA ECONOMICS: WORK & PROSPERITY
TEST 6 WITH CORRECT SOLUTIONS
scarcity CORRECT ANSWERS in addition to its utility, it determines the value of a good by a consumer property rights, limited government, freedom of enterprise, competition CORRECT ANSWERS basic components of capitalism equilibrium price CORRECT ANSWERS tends to decrease when supply of a good increases traditional CORRECT ANSWERS economic system that basis production of goods on customs and habits command CORRECT ANSWERS economic system regulated by the public sector free enterprise CORRECT ANSWERS economic system guided by the choices made by the private sector Sherman Act CORRECT ANSWERS one of the 1st antitrust laws enacted in the U.S.total cost CORRECT ANSWERS sum cost of all the factors of production used in making goods 1 / 2
standardized parts, division of labor, automatic conveyance CORRECT ANSWERS composes the "American system" of mass production transaction account CORRECT ANSWERS a checking account at a bank or a similar account at some other depository institution CD CORRECT ANSWERS type of account that guarantees a certain interest rate and has a specified maturity date measure of value CORRECT ANSWERS function of money that allows people to compare the worth of one good with that of another good GDP CORRECT ANSWERS the value of all finished goods and services produced within a country oligopoly CORRECT ANSWERS type of market model dominated by only a few firms monopolistic competition CORRECT ANSWERS type of market model that provides differentiated products perfect competition CORRECT ANSWERS type of market model that results in firms that are price takers monopoly CORRECT ANSWERS type of market model that results when there is only one supplier of a good for which there is no substitute
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