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29 Cards in this Set
- Front
- Back
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What is the word that tells us that all resources and goods are limited, what is the inability to satisfy all wants at the same time?
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Scarcity.
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What are the factors of production that are used in the production of goods and services that can be human or natural?
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Resources.
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The characteristics of this major economic system include: private ownership of property, profit, competition, consumer sovereignty and individual choice?
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Free Market Economy.
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What is the government agency that monitors how businesses are protecting the environment?
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Environmental Protection Agency (EPA).
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Who is a person who takes a risk to produce goods and service in search of a profit?
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A entrepreneur.
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What is the opportunity to select an item or action from a set of possible alternatives?
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Choice.
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What is how much of a good or service that consumers are willing and able to buy at a certain price?
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Demand.
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What is the amount of good or service that producers are willing and able to sell at a certain price?
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Supply.
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What is the amount of money exchanged for a good or service as determined by the interaction of supply and demand.
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Price.
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What is the word for giving up one item for something different instead – when the highest value alternative is not taken?
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Opportunity cost.
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What kind of economy is centrally owned and planned and lacks consumer choice?
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Command economy.
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What is the amendment to the Constitution that allows income tax to be collected by the Federal Government?
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The 16th Amendment.
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What is the entity that can restrict the money supply in response to economic conditions?
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The Federal Reserve.
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What is the type of economy that allows individuals; businesses and government contribute to the products available in the marketplace?
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A mixed economy.
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What is the term for the worldwide market in which buying and selling take place between nations?
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Global economy.
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What are the five characteristics of the United States economy?
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Free markets, private property, profit, competition, and consumer sovereignty.
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What is the form of business organization with one owner who takes all of the risks and all of the profit?
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Proprietorship.
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What are the ways that governments produce public goods and services?
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Tax revenues and
borrowed funds. |
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What are the ways that the Federal Reserve can slow the economy?
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Increasing the reserve requirement, raising the discount rate, and selling government securities.
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What is the form of business organization that can act as a legal person regardless of the number of owners – owners share profits but liability is limited to investment?
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A corporation.
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What are the ways that the Federal Reserve Bank stimulates the economy?
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Lowering the reserve requirement, lowering the discount rate, and purchasing government securities.
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What is the combining of human, natural, capital, and entrepreneurship resources to make goods and provide services?
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Production.
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What is rivalry between producers/sellers of a good or service results in better quality goods and services at a lower price?
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Competition.
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What is the government agency that regulates trade?
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The Federal Trade Commission (FTC).
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What is the term that individuals and businesses have the right to own personal property as well as the means of production without undue interference from the government?
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Private property.
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What is the government agency that regulates content on the television and radio?
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The Federal Communications Commission.
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What are the ways the government promotes marketplace competition?
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Enforcing anti-trust laws, engaging in global trade, supporting business start-ups.
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What are the characteristics of private financial institutions?
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Receiving deposits, making loans, saving and investing by paying interest on deposits.
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What are previously manufactured goods used to make other goods and services?
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Capital.
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