Basics of Economics
PRICE, MONEY, AND BANKS
FREE MARKET ECONOMY
DEMO. GROUPS/ADVERTISING
MISC.
100

GOODS AND SERVICES HAVE VALUE BECAUSE THEY SATISFY THIS

NEEDS AND WANTS

100

ANYTHING WE ATTRIBUTE VALUE TO THAT CAN BE EXCHANGED FOR A GOOD OR SERVICE

MONEY

100

THIS PRINCIPLE OF THE US ECONOMIC SYSTEM SAYS THAT YOU CAN PURSUE ANY JOB OPPORTUNITY OF YOUR CHOICE

FREEDOM TO CHOOSE/FREEDOM OF CHOICE

100

TYPICALLY SPEND THEIR MONEY ON CHILDCARE, RENT/MORTGAGE, FOOD, MEDICAL EXPENSES, AND CAR PAYMENTS

YOUNG COUPLES AND SINGLE PARENTS
100

THIS PRINCIPLE DESCRIBES THE NEXT BEST OPTION YOU GIVE UP IN EXCHANGE FOR CHOOSING ONE GOOD OR SERVICE OVER ANOTHER. 

OPPORTUNITY COST

200
ECONOMIC RESOURCES CAN FALL INTO THESE THREE CATEGORIES
HUMAN, NATURAL, AND CAPITAL
200

THIS CAN BE USED TO DIFFERENTIATE BETWEEN WHO CAN RECEIVE A GOOD OR SERVICE AND WHO CANNOT

PRICE
200

UNDER THIS PRINCIPLE OF THE US ECONOMIC SYSTEM INDIVIDUALS ARE FREE TO PURCHASE ANY BOATS, LANDS, BUSINESS, CARS AT THEIR OWN FREE WILL. 

RIGHT TO PRIVATE PROPERTY

200

MATURE ADULTS TYPICALLY HAVE MORE MONEY TO SPEND BECAUSE THEIR CHILDREN HAVE LEFT THEM WITH AN 

EMPTY NEST
200

THESE ARE THE THREE MOST BASIC QUESTIONS OF ECONOMICS

WHAT/HOW/WHO
300
THESE ARE PHYSICAL OBJECTS THAT CAN BE BOUGHT, SOLD, OR TRADED

GOODS

300
THIS CONCEPT OF PRICE CAUSES PRODUCERS TO CONSIDER HOW TO COST PRODUCTION COSTS TO MAXIMIZE PROFITS

ENCOURAGES EFFICIENT PRODUCTIONS

300
THIS TERM MEANS THAT THE GOVERNMENT SHOULD NOT GET INVOLVED IN THE AFFAIRS OF BUSINESSES
LAISSEZ FAIRE
300

UTILIZING THIS TECHNIQUE INCLUDES CONVINCING THE CONSUMER THAT IF THEY DON'T PURCHASE THE PRODUCT NOW IT WILL NOT LONGER BE AVAILABLE OR THE PRICE WILL GO UP. 

PRESSURE TACTICS

300

LIMITED AMOUNT OF A GOOD OR SERVICE

SCARCITY 

400
USEFUL WORK THAT CAN BE DONE FOR YOU 
SERVICES
400

THIS AGENCY INSURES MONEY YOU PLACE IN BANKS UP TO $250,000

F.D.I.C.
400
IN A FREE MARKET ECONOMIC SYSTEM WHO ANSWERS THE QUESTIONS OF WHAT, HOW, AND WHO

INDIVIDUAL BUSINESS OWNERS BASED ON THE NEEDS OF CONUSMERS

400
THIS SPENDING GROUP TYPICALLY SPENDS MONEY ON SCHOOL SUPPLIES, RECREATION, AND FOOD
TEENS
400

THIS TERM DESCRIBES WHEN THE VALUE OF THE DOLLAR DECREASES AND PRICES GO UP

INFLATION

500

IT IS OFTEN ABBREVIATED AS T.I.N.S.T.A.A.F.L. 

THERE IS NO SUCH THING AS A FREE LUNCH
500
THIS AGENCY REGULATES THE COUNTRY'S MONEY SUPPLY AND CONTROLS INTEREST RATES
FEDERAL RESERVE
500

THIS ECONOMIC PRINCIPLE IS DESCRIBED CONSUMER SOVEREIGNTY AND DECLARES THAT CONSUMERS DETERMINE THE SUCCESS OR FAILURE OF A BUSINESS. 

CONSUMER SOVEREIGNTY 

500

COMMERCIALS DO THIS WHEN THEY WANT YOU TO BELIEVE THAT PURCHASING A PRODUCT WILL MAKE YOU ACHIEVE A HIGHER SOCIAL STATUS OR MAKE YOU SIGNIFICANTLY MORE BEAUTIFUL.

APPEALS TO VANITY

500

THE PRICE AT WHICH SUPPLY AND DEMAND ARE EQUAL 

MARKET PRICE/EQUILIBRIUM
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