What is productive resources or factors of production?
100
CELL (Capital, Entrepreneurship, Land, and Labor)
What are the four factors of production?
100
An investment in the education or training or well-being of workers by the business to improve productivity.
What is human capital?
100
(Production possibilities curve) graph that shows the combinations of 2 goods that can be produced in an economy or company given their resources.
What is PPC Or PPF?
100
Price of a good or serve where the quantity supplied is equal to the quantity demanded
What is equilibrium price or market price or clearing price?
200
Number if people looking for work/ the civilian labor force
What is the formula for unemployment rate?
200
The actions of the FED or the Federal Reserve to control the money supply and to stabilize the economy
What is monetary policy?
200
Store of value, unit of accounts and medium of exchange
What are the three functions of money?
200
Money keeps it's value over time (500 deposited into a savings account more or less has the same value) it can also be used to compare prices
What is store of value?
200
Money is used to buy goods and services or is accepted as a form of payment
What is medium of exchange?
300
Money used to express the value of goods and services ($50 book or $1 water)
What is unit of account?
300
Government spending and taxing decisions
What is fiscal policy?
300
Progressive, regressive, and proportional
What are the three types of taxes?
300
The more money you make the more you pay (example income tax)
What is progressive tax?
300
People who earn less money pay higher taxes than people who make more (sales tax)
What is regressive tax?
400
Everyone pays the same percent tax regardless of income
What is proportional of flat tax?
400
The governments policy to attempt to limit imports
What is protectionism?
400
Monthly expense (bill) that does not change. Example. Rent, car payment
What is fixed expense?
400
Monthly expense that changes
What is variable expense?
400
The amount of money that you pay for an insurance policy or coverage
What is a premium?
500
A document detailing the terms and conditions of a contract of insurance
What is a policy?
500
The amount if money that you will have to pay out of pocket before the inurnment moony over your claim.
What is a deductible?
500
A trade without any government restrictions
What is a free trade?
500
These organizations allow free trade with member nations. NAFTA (Canada, Mexico) European Union or EU (countries in Europe) ASEAN (Association of South Eastern Asian Nations)