Unit 1
Unit 2
Unit 3
Unit 4
All of the Above
100

In economics, society must answer these three basic questions?

What to produce, how to produce, and For whom to produce

100

This Economic law is when Price and Quantity move in the opposite directions.

Law of Demand

100
After six months or two quaters of no economic growth, then we would say the economy is in what?

A recession

100

Wearing a seat belt and not texting and driving are examples of what type of strategies?

Risk Managment

100

The biggest dissadvantage of a market economy is?

High degree of uncertainty 

200

What group of people make the decisions that drive what is produced?

Consumers

200

When a change in quantitiy demanded takes place this is illustrated with what type of movement on a supply/demand curve.

Movement along the curve

200

A period of recovery from a recession is known as a?

Expansion

200

By paying only the minimum balance on a credit card, this will cause you to pay more of what over time?

Interest

200
If the price of a product can very based on outside factors or the purchase of an item can be delayed. This item is?

Elastic

300

When deciding how to use resources you have to evaluate the costs and benefits of each choice. This is called?

Trade-offs

300

What is the main cause of change in quantity demanded?

Change in price
300

When the general level of all prices rise over a given period this is called?

Inflation

300

Net pay is _____________ taxes and Gross Pay is _______________ taxes.

After and Before

300

Protection from layoffs, illnesses, injuries, or disabilities is an economic goal called?

Economic Security

400

_____________ and ___________ are the determining factors that decide an items value.

Utility and Beauty

400

When one item can be replaced for a less expensive item this effect is called?

The subsititution effect

400

________________ meauseres the value of the final goods and services produced in a given year.

GDP

400

This scale of numbers 300-850 is the matrix used to create a rating known as what?

Credit Score

400

Helps to keep track of the money you make, helps to prioritize your spending, and helps reach short and long term financial goals. These are the three main reasons to create what?

a Budget

500

"An idealized system where there are no classes, everyone works for the common good, and everyone receives a portion based on what they need." This economic system created by Karl Marx is called _______________?

Communism
500
When two products work together and thier pricing increases and decreases together we identify them as ______________ items.

Complementary

500

Which of these are the two most significant causes of income inequality?

Wealth and Education

500

In relationship to insurence the amount you owe before the insurance company will cover the rest of the bill is called?

An Insureance Deductible

500

The greatest econ teacher of all time is?

Mr. Mitchell

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