Factors of Production & Markets
Supply and Demand
Fiscal and Monetary Policy
Personal Finance
Econ Terms
100
Trees, water, and minerals are examples of?
What is Natural Resources
100
The amount of a particular good or service consumers want to buy
What is Demand
100
How a government taxes and spends money is known as?
What is Fiscal Policy
100
Wells Fargo and Bank of America is an example of what type of bank?
What is Commercial
100
The amount of a good or service that can be produced in a given time
What is Productivity
200
What is used to produce other goods?
What is capital goods
200
As the price of a good increases the amount demanded will decease and as price decreases then demand will increase
What is Law of Demand
200
How the government regulates the amount of money in circulation is known as?
What is Monetary Policy
200
What account is accessed when you use your debit card?
What is Checking
200
When one nation is better able to produce a good or service than another nation
What is Comparative Advantage
300
Markets where producers offer goods and services
What is Product Market
300
The amount of a particular good/service that producers will supply at a given price
What is supply
300
Who regulates the amount of money in circulation?
What is Federal Reserve
300
An additional fee for borrowing money
What is Interest
400
This is where factors of production are bought and sold.
What is Factor Market.
400
As the price of a good/service increases then producers will supply more of the product and as the price decreases they will supply less.
What is Law of Supply
400
What is the difference between a progressive tax and a regressive tax?
What is a progressive tax is based on the ability of a person to pay and people who make more money pay a greater percentage, and a regressive tax that is paid on an equal percentage by everyone---can be unfair to those with less of a disposable income
400
Borrowing money plus interest
What is loan
400
The economic problems of limited goods and the unlimited wants of society in general
What is Scarcity
500
Name three out of four factors of production
What is natural resources, capital goods, labor, and entrepreneurs
500
The producer can only produce so much of the product before its cost is more than the profit received from its sale
What is Diminishing returns
500
If the government increases spending to boost the economy, What type of of economic Theory is this an example of?
What is Keynesian Economics
500
Number assigned to you that tells how good you are at paying back money. -the higher the better (700+)
What is Credit Score
500
This is the point at which supply and demand meet and price is determined
What is Equilibrium Price
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