1
What is the Condition that arise because society does not have enough resources to produce all the things that people would like to have?
A business organization recognized by law as a separate legal entity
Corporation
Which factor of production can the owner recieve rent?
Land
An economy in which people and firms act in their own best interest to make economic decisions
Capitalist or market economy
Occurs when people are transitioning between jobs
Frictional
What type of policy does the government implement during periods of rapid expansion to fight inflation and curb spending
Tight
A busness jointly owned by two or more persons
a partnership
Labor is the factor of production exchanged for?
wages
Occurs in a market situation that includes independent and well informed buyers and sellers that sell the exact same economic product
Pure competition
Debts minus asstes is called what
Net Worth
What are written every month?
Budget
This unemployment occurs beause of new technology
Structural
What is called the bankers bank?
Federal Reserve
shows the alternative ways to use an economys resources
production possibilites curve
The law of supply explains how a change in the amount of a product offered for sale is in direct response to the change in ?
Price
A country will have what advantage when they can produce a product most efficiently given all the other products that could be produced?
Comparative
Comprised of consumer spending, investment spending, government spending, and net exports
Gross Domestic Product
Preparation for college is may include completing?
FAFSA
What answers the three questions of what to produce, how to produce and for whom to produce
Econmoic Systems
The five reasons for a shift in demand are
Taste, income, market size, expectations and related goods
Used by protectionists to restrict trade
A tariff
Seven reasons for the supply curve to shift are Technology, incout costs, government spending, other goods, expectations and what?
Rates of taxes and subsidies
Which economy is based on ritual, habit, or custom
traditional
Occurs when high unemployment is coupled with high inflation
Stagflation
What are the phases in the business cycle?
Recession/depression, peak, trough, expansion