Intro to Econ
The study of how people use scarce resources to satisfy unlimited wants and needs?
What is the study of economics
In THIS economic system, the laws of supply and demand determine what is produced. Prices are also determined by the laws of supply and demand in this economic system.
What is a market economy?
The type of business structure owned and operated by one person
The type of tax structure that the Michigan Sales Tax uses?
What is Regressive?
This economic indicator measures the final sale price of all goods/services produced within a country.
What is GDP?
The principle of deciding between a little more or less of something
What is thinking at the margin?
Quantity supplied and quantity demand change in response to...
What is price?
A debit card uses money from your own bank account while a credit card is THIS
What is a loan?
Under the U.S. federal income tax system, people with higher incomes pay a higher rate of taxes. This is know as a __________ tax system.
What is "progressive"?
A graph that shows all possible combinations of two goods that an economy can produce
What is a production possibilities frontier or PPF?
If you chose between a hotdog and pasta at lunch time, the one you do not choose is called THIS.
What is the opportunity cost?
This type of government control that sets the price BELOW equilibrium
What is a price ceiling
When the money supply increases too quickly, THIS may result.
What is inflation
When the federal government wants to grow the economy and create jobs, it may lower taxes and increase government spending, also know as THIS type of fiscal policy.
What is expansionary fiscal policy?
The conversion of one country's money to another.
What is currency exchange?
Every decision involves trade-offs because of this economic concept.
What is scarcity?
The term that describes how reactive consumers are to a price change for a product?
What is Elasticity?
The price a person pays for taking out a loan?
What is interest?
The purpose of THIS institution is to give consumers confidence in the banking system and make sure they don't lose their money if banks fail.
What is the FDIC?
The trade barrier that places a tax on foreign goods
What is a tariff?
The factors of production
What is Land, Labor, Capital, and Entrepreneurship
Factor that explains the relationship between Coca-Cola and Pepsi
What is related goods?
This type of investment is a specialized savings account offered by banks and credit unions that locks in a fixed interest rate for a specific period of time. In exchange for leaving your money untouched for the agreed-upon "term," the bank pays a higher, guaranteed yield than a standard savings account
What is a certificate of deposit
In a recession or period of slow growth, the Federal Reserve can encourage banks to lend out money and consumers to borrow money by doing THIS?
What is lower interest rates?
What is the decrease in exports, and increase in imports