Unit 1 (Intro)
Unit 2 (Supply and Demand)
Unit 3 (Market Structures)
Unit 4 (Money & Banking)
Unit 5 (Tax)
100

What are the 4 Factors of Production?

Land, Labor, Capital, Entrepreneurship

100

Which of the following does a PRODUCER determine?

Product or Goods and Services

100

“Large # of sellers and IDENTICAL product” explains which type of market structure?

Perfect Competition

100

Which of the following is an advantage of a checking account? 

Money is readily available

100

What are the 2 requirements for a tax to be constitutional?

Common Defense and For the General Welfare

200

What are the 3 things that contribute to the PPC?

Cost, Growth, Efficiency 

200

What causes a change in QUANTITY supplied? This also causes the POINTS on a supply curve to shift

Price

200

Small # of sellers, difficult entry describes which type of structure? 

Oligopoly

200

“Bank pays the amount of a check even if there is not enough money in the account” is the definition of  a service banks offer called what?

Overdraft privilege 

200

Income taxes are taxes that are based on both __________ and earned incomes 

Unearned

300

Scarcity is when there is a want, but the ___________ to get that are limited 

Resources

300

Give an example of two complementary goods

Coffee filters and coffee beans/Baseball and a baseball bat/Pencils and pencil sharpeners/ Etc.

300

How do monopolistic/oligopoly companies compete without altering their prices? 

Marketing

300

What does it mean that money is deferrable? 

You can hold onto it and buy at a later time

300

Federal taxes must be _______ in all states 

Exactly the Same

400

Which of the following do households receive in the product market? 

Goods and Services

400

Marginal Cost can be defined as the _______ cost of producing one more unit of a good/service

Additional

400

Which of the following market structures are called “price makers” 

Monopoly's

400

Name 3 characteristics of money 

Durable, Portable, Divisible, Recognizable & Scarce

400

Name all 5 Types of Taxes

Property, Payroll, Excise, Income, & Sales

500

In a market economy, if a customer is free to purchase whatever they want, they are experiencing

Customer Sovereignty

500

The driving age has just been raised to 18 years old. This type of change refers most to which factor?

Market Size

500

“Limited/low control of prices” is a characteristic of which of the following structures? 

Monopolistic

500

A _____________ is where you can exchange a good or service strictly with someone who wants what you have to offer in exchange for.

Barter System

500

What are the 3 forms of Tax and what makes them distinct from another

Progressive- intended to tax the wealthy more based on tax brackets

Regressive- The same dollar amount for everyone

Proportional- The same percentage of tax for everyone. (aka "Flat Tax")

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