Basic Economics
This is the study of how people use resources to satisfy wants and needs.
What is Economics?
In this economy, children often have the same jobs as their parents.
What is a Traditional Economy?
When prices fall, consumers generally buy more of a good.
What is the Law of Demand?
This agency regulates the stock market.
What is the SEC?
A business owned by one person.
What is a Sole Proprietorship?
The resources used to make goods and services.
What are Factors of Production?
In this economy, the government makes most economic decisions.
What is a Centrally Planned Economy?
When prices rise, producers generally supply more of a good.
What is the Law of Supply?
This agency protects bank deposits.
What is the FDIC?
A business that pays fees to a parent company.
What is a Franchise?
The next best alternative given up when making a decision.
What is Opportunity Cost?
Adam Smith supported this type of economy.
What is a Free Market Economy?
Gasoline is an example of this type of demand.
What is Inelastic Demand?
This agency promotes workplace safety.
What is OSHA?
A cost that stays the same regardless of production.
What is a Fixed Cost?
This occurs because wants are unlimited but resources are limited.
What is Scarcity?
China is best described as this type of economy.
What is a Mixed Economy leaning toward centrally planned?
Concert tickets are an example of this type of demand.
What is Elastic Demand?
A person who benefits from a public good without paying is called this.
What is a Free Rider?
When adding more workers eventually becomes less productive.
What is the Law of Diminishing Returns?
The total value of all goods and services produced in a country.
What is GDP?
The United States is best described as this type of economy.
What is a Mixed Economy leaning toward free market?
This occurs when quantity supplied is greater than quantity demanded.
What is a Surplus?
Retirement income for elderly Americans is provided through this program.
What is Social Security?
A business that exists as a separate legal entity from its owners.
What is a Corporation?