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Econ Exam Review I

Toni Johnson

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3.all the money available in the U.S.
4.a legal entity owned by individual stockholders
8.the skikks and knowledge gained by a worker through education and experience
9.someone who works in an industrial job, often in manufacturing, aho receives wages
15.goods that are bought and used together
17.an economic system characterized by private or corporate ownership of capital goods
19.fund that pools the savings of many individuals and invests this money in a variety of stocks, bonds, and other financial assets
22.agreement that will eliminate all tariffs and other trade barriers between Canada, Mexico, and the U.S.
23.consumers buy more of a ggod whenits price is low and less when it increases
25.a period during which business, employment, and stock market values decline severly or remain at very low levels of activity
1.a price index determined by measuring the price of a standard group of goods meant to represent a typical "market basket" of a typical urban consumer
2.market in which firms purchase the factors of production from households
5.the nation's central banking system
6.a good that is sent to another country for sale
7.a minimum price that an employer can pay a worker for an hour of labor
10.the value of a foreign nation's currency in terms of the home nation's economy
11.a plan for saving and spending
12.a market dominated by a single seller
13.goods or services that are provided for free or at a ftreatly reduced rate
14.a tax on a person's earnings
16.describes demand that is very sensitive to change in price
18.to set apart for a particular purpose
20.an agreement among countries to reduce or eliminate trade barriers
21.natural reources that are used to make goods and services
24.something like air, food that is necessary for survival

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