Chapter 2
Chapter 3
Chapter 6
Chapter 9
Chapter 10
100
A person who takes risks in hopes of making profit
What is Entrepreneur
100
In its direct role as an economic organization, American government does what?
What is own and manage public utilities
100
If an increase in the price of product X causes a decrease in the demand for product Y, then the two products are
What is Compliments
100
Money that has an alternative use as an economic good
What is Commodity money
100
Interest rate the FED charges on loans to financial institutions
What is Discount rate
200
The 3 basic economics questions
What is What?, How?, and for Whom to produce?
200
The Sherman Antitrust Act does what?
What is outlaw restraints and monopolies that hindered trade
200
The equilibrium price is the point at which
What is quantity supplied equals quantity demand
200
The Federal Reserve System was established in
What is 1913
200
Anything a government decrees to be money
What is Fiat money
300
Capital goods are goods that are
What is Owned by individuals
300
One reason the government is involved in the U.S. economy is to?
What is regulate industries in which a monopoly is in the public interest
300
Profits will be maximized when marginal revenue
What is exceeds marginal cost
300
When money is easily transferred from one person to another.
What is Portable
300
Economy based on trade rather than money
What is Barter economy
400
Opportunity costs involve
What is The value of the next best alternative that had to be given up
400
A market structure in which one firm has a monopoly because of it's location
What is Geographic monopoly
400
When demand changes due to a factor other than price
What is Change in demand
400
The number of banks declined by about how many between 1921 and 1934
What is 16,900
400
Commercial banks that are members of, and hold stock in, the FED
What is Member bank
500
The Circular Flow models illustrates what
What is Economic Interdependence
500
Form of business organization recognized by law as a separate legal entity having all the rights of an individual
What is Corporation
500
Approximately how many barrels of oil will be supplied at $35
What is 55 million
500
Characteristics of money do the items in the illustrations
What is Divisibility
500
Something accepted as payment for goods and service.
What is Medium of exchange
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