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46 Cards in this Set

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  • Back

Quantity of goods and service products

Gross domestic product

A recession must occurs if the real GDP goes down for how long

6 months

the human capital be improved if workers gain?

Education, training, and experience

Which agency would recall a defective baby car seat?

Consumer product safety commission

Which act bans monopolies

Sherman antitrust act

An electric company that serves an entire state is an example of a?

Natural monopoly

What happens if you write a check for a greater amount in you checking account

You will get charged a fee

To keep track of inflation, the government uses what

Consumer price index

In 2009, how many people lived in poverty in the U.S.

44 million

A decrease in consumer demand is an example of what

Supply of product decease

What is a human resource

Knowledge

What consumer right protects the consumer from being left out of the law writing process

The right to be heard

Public goods are paid for by the government to encourage

Positive externalities

Which of the following gives you a set rate of interest, depending on the amount of time you keep your money in the account

Certificate of deposit CD

Example of entrepreneur

Restaurant owner

Nations experience economic growth when their ______

Total output of goods and services increase

The loss of 4 years of income resulting from the decision to go to collage is the

Opportunity cost

Choosing to buy a DVD player instead of something else is an example of what

A trade off

After making a budget and analyzing your data you decide that you can afford to buy a new bicycle. Your budget probably should that you had a _____

Surplus

Vacations, game systems, etc. I'd and example of what

A want

Requires a full understanding of the arp is an example of what?

Responsible credit card use

Spending more than you can afford by using easy available credit is an example of what

Drawback of having credit

If 20 bottles are sold for $2.00 each, what is the total revenue

$40.00

Sidewalks, hospitals, traffic lights are an example of what

Public goods

The flu shot campaign may be started by who

Cdc- center of disease control

If you own stocking a company and the company does well the stock will do what?

Go up

The choices all societies must make about production are driving by what

Scarcity

Monopolies are _______

Prohibited by the antitrust laws

Is the gdp is higher than it was in the previous years due to increased output what has happened

The economy has grown

People have the freedom to choose from a variety products is an example of what?

Characteristics of a market economy

If a borrower fails to repay a loan, a lender can do what

Takes the borrowers collateral as payment

Economy expansions are usually longer than what

Recessions

A person who loans someone money to buy an item is called what

A lender

A careful record of all the money you earn and spend is called what

A budget

One purpose of saving mo eu is to?

Collect enough to money for a major purchase

A person is lending money to a company or government when buying?

A bond

Which country has the worlds largest economy

United States

A country is experiencing economic growth when what happens

The gdp goes up

Which feature of capitalism is at work when buyers and sellers freely and willingly engage in market transactions?

Voluntary exchange

Haircut, medical exams, police security is an example of what

Service

Specialization helps improve because it allows business to do what

Do as on what they do best

You _____ is the money you earn from all sources and your _____ are the money you choose to spend

Income and expenses

If you wanted to be sure your money remain completely safe where would you put it

Savings account

Individual who starts a business or introduces a new product

Entrepreneur

Businesses may compete with out government interference is an example of what

Free enterprise

Customers have a responsibility to do what

Comparison shop