Economy
What type of economy does most countries have?
Mixed Economy
Giving up the next best option
opportunity cost
What are financial institutions?
Banks and credit unions
The difference between the amount earned and amount spent in buying, operating or producing something.
profit
A citizen can help ensure the rights of an accused person by
serving on a jury
What type of economy is controlled by the Government?
Command
Two people share risks and profits
Partnership
If I wanted to start a business what can I get from the bank?
A loan
When there is not enough of something for the people who need it or want it.
Scarcity
Which branch of government has the right to declare VA laws unconstitutional
State Judicial branch
If I wanted to start my own business under which economic system would I rather be in?
Free Enterprise (Free Market)
Corporation
Why do banks give out loans?
They earn money from the loan
The value of the next best thing you give up whenever you make a decision.
Opportunity Cost
Numbers of members based on
State population
This is a MIX of Command and Free Market
Mixed Economy
Economy is the study of?
Scarcity
How does the Federal Reserve System act to reduce inflation?
Increase taxes
The point where supply and demand meet.
Equilibrium Point
Which case established Judicial review
Marbury V. Madison
What is a characteristic of a free market economy?
Consumer Sovereignty
One person takes the risks and profit
Proprietorship
Does technology help the Global Ecoomy
Yes
The continuous flow of money, resources, goods, and services among individuals, businesses, and the government in the economy.
Circular Flow
The powers of the local Virginia Governments come from
VA Constitution