Financial Literacy
What is Economics?
Economic Systems
American Free Enterprise
Demand
100
This is your Wage and Tax Statements from working all year
What is a W-2
100
This is a person who starts a company
What is an entrepreneur
100
Though mixed the US has close ties to this economic system
What is free market
100
Public goods are financed by this group of people
What is the public sector
100
This is what it's called if a consumer wants a good or service and can afford to pay for it
What is demand
200
T/F A check is a legal contract
What is true
200
this is what happens when there are not enough goods to go around for a small amount of time.
What is a shortage
200
T/F mist mixed markets own all property and gain all the profits from their businesses
What is false
200
Social Security provides services to the elderly, poor, and disabled through these two programs
What are Medicare and Medicaid
200
This is what it's called when people buy a different quantity of a product at all different price points
What is a change in demand
300
You record your bank deposits, withdrawals, and balance in this book
What is a bank check register
300
This is the term used for when the government decides to purchase more military goods or more consumer goods
What is guns or butter
300
The Soviet Union had this type of economic system
What is centrally planned/command
300
Business decisions driven by prices, production, and consumption create these things
What are business cycles
300
If there are many substitutes available for a good it is considered
What is elastic
400
T/F You should leave extra room on the number line of a check in case you make a mistake
What is false
400
An economy that is not using all of its resources is considered ______
What is underutilized
400
This type of incentive will cause people to not buy more products
What is higher prices
400
This document recognizes property rights and limits taxation
What is the Bill of Rights
400
If the price increases, the demand will _______
What is decrease
500
This is the Employee's Withholding Allowance Certificate
What is a W-4
500
An economy that is maximizing its resources is considered ________
What is efficient
500
These two things create the "invisible hand" of the free market economies
What are competition and self-interest
500
These are the top four in-kind benefits
What are food giveaways, food stamps, subsidized housing, and legal aid
500
This causes the demand curve to shift to the left or right
What is anything other than price
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