FTCE Economics Flashcards

FTCE Economics Flashcards
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When only one corporation supplies a product in high demand, that situation is called a _____.
Monopoly
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Oligopoly
A case when only a few firms dominate an industry and barriers make it difficult or impossible for other competitors.
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Market Power
The ability to manipulate supply and/or demand in order to control a product's selling price.
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The opposite of disposable goods are _____.
Durable Goods - Durable goods do not need to be replaced often, whereas disposable goods do need to be replaced often.
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The part of the financial market that allows for quick access to money is called the _____.
Money Market - Stocks and bonds are meant to be long-term investments, while the money market consists of fast-paced investments.
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Bonds
A kind of loan for a predetermined interest rate and length of time, lent by an investor to a government or corporation.
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The market for selling shares of publicly traded companies is the _____.
Stock Market
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In broad terms, a marketplace for stocks, bonds and currencies is called a _____.
Financial Market
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If an exchange rate changes so that the dollar is worth less than the euro, we say that the dollar has _____.
Depreciated - When a currency raises in value in relation to another, it appreciates; when it decreases in relation to another, it depreciates.
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Exchange Rate
The rate at which two countries' currencies can be traded with each other.
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Exports
Products made in a home country but sold elsewhere.
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Imports
Products made in a foreign place but sold in one's home country.
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Scarcity
Insufficient resources to accommodate desires and needs. In other words, when supply is less than the demand.
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Incentives
Motivational rewards, which can affect how people behave.
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Resources
The factors of production, or everything that it takes to produce goods. Resources include things like labor, land, and capital.
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The basic Economic Problem
There are scarce resources. Also, there are unlimited needs and wants.
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Flashcard Content Overview

This set of flashcards reviews the major ideas from the FTCE Elementary Education K-6 course chapter on Fundamental Economics Concepts. Study key terms and concepts in economics: financial markets, capital resources, economic globalization, consumer purchasing decisions, market power, and more. This set provides a comprehensive review of these important economic terms.

Front
Back
The basic Economic Problem
There are scarce resources. Also, there are unlimited needs and wants.
Resources
The factors of production, or everything that it takes to produce goods. Resources include things like labor, land, and capital.
Incentives
Motivational rewards, which can affect how people behave.
Scarcity
Insufficient resources to accommodate desires and needs. In other words, when supply is less than the demand.
Imports
Products made in a foreign place but sold in one's home country.
Exports
Products made in a home country but sold elsewhere.
Exchange Rate
The rate at which two countries' currencies can be traded with each other.
If an exchange rate changes so that the dollar is worth less than the euro, we say that the dollar has _____.
Depreciated - When a currency raises in value in relation to another, it appreciates; when it decreases in relation to another, it depreciates.
In broad terms, a marketplace for stocks, bonds and currencies is called a _____.
Financial Market
The market for selling shares of publicly traded companies is the _____.
Stock Market
Bonds
A kind of loan for a predetermined interest rate and length of time, lent by an investor to a government or corporation.
The part of the financial market that allows for quick access to money is called the _____.
Money Market - Stocks and bonds are meant to be long-term investments, while the money market consists of fast-paced investments.
The opposite of disposable goods are _____.
Durable Goods - Durable goods do not need to be replaced often, whereas disposable goods do need to be replaced often.
Market Power
The ability to manipulate supply and/or demand in order to control a product's selling price.
Oligopoly
A case when only a few firms dominate an industry and barriers make it difficult or impossible for other competitors.
When only one corporation supplies a product in high demand, that situation is called a _____.
Monopoly
Culture, values, social class, and reference groups are types of _____ that affect our purchasing decisions.
External Influences

Identify the type of consumer purchasing decision making below:

A consumer is highly involved and recognizes major differences between product options.

Complex Buying Behavior - Examples of complex buying behavior include home and car purchases.
If Theresa picks between two types of toothpaste that seem essentially the same, her purchase decision-making can be classified as _____.
Habitual Buying Behavior - These purchasing decisions are routine, with low involvement on the part of the purchaser and limited perception of variation between products.
Capital Flight
An effect of economic globalization, in which many companies relocate production elsewhere for cheaper production or economic stability.
Protectionist Restrictions
Trade restrictions designed to limit imports in order to bolster domestic production.
Outsourcing
A practice of sending jobs and activities to corporations overseas where labor costs are lower.
Tariffs
Import taxes
Import Quotas
A trade barrier that sets a restriction on how many imports are allowed in.
Command System
An economic system in which most economic resources and decisions are controlled by the state.
Market System
An economic system in which most economic resources are privately owned and economic decisions are made by individuals in the marketplace.
Human Resources in the economy
The skills, training, experience, and other characteristics needed for labor to produce.
Industrialized Economy
An economy that has well-developed technology and skills, as well as a trained labor force that can supply needed human resources.
Wind and sunlight are examples of _____ natural resources, since they do not contain living or organic material.
Abiotic
Renewable Resources
Resources that replenish quickly, like sunlight.
Raw Materials
Supplies which are typically purchased in bulk or original form and which can be used only once in production. For example, a seamstress would work with raw materials of fabric and thread.
Capital Resource
Tools, machines, and places used to manufacture goods over time. For example, a seamstress would need capital resources like a sewing machine and cutting equipment.

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