Student Questions
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A decrease in price will cause an increase in
What is demand?
Ice Spice owning a new wig that is trending will cause the wig's demand to
What is increase?
The economic system that most countries have
What is a mixed economy?
Which type of business is easiest to start up and end? Most businesses in the US are of this type.
What is a sole proprietor?
When one country can produce a good or service in less time.
What is absolute advantage?
Who controls the money supply?
What is the FED or Federal Reserve System?
What is a direct tax?
What is tax money paid directly to the US Government?
Father of Communism
Who is Karl Marx?
Market structure that is illegal in the US due to having control over the market and the ability to charge high prices. AT&T and US Steel used to be among these.
What is a monopoly?
Two tools of the federal government to help stabilize the economy
What are taxes and federal spending?
A ban on a product or trade with another country is called...
What is an embargo?
What business phase is after the contraction phase?
What is the trough?
Economic system where the prices are set by supply and demand
What is a market or free market economy?
Business organization that is relatively easy to start and stop, but the profit, debt, and decisions are shared between the owners.
What is a partnership?
What are the four factors of production?
What are capital, land, labor, and entrepreneurship?
What is the purpose of taxes?
What is to pay off debt and to provide services for the US citizens?
What does Fed stand for?
What is the Federal Reserve System?
Who is Adam Smith?
A market structure where many companies compete against each other to sell similar but distinct products, such as Wendy's, McDonald's, and Sonic.
What is monopolistic competition market structure?
What business cycle is characterized by a growing economy with low unemployment and inflation is on the rise?
What is expansion?
What is a tariff?
Believed in capitalism, but thought the government was responsible for protecting the public from cycles of economic booms and busts
Who is Keynes?
A business organization that is seen as its own person. This type of organization can sell stocks.
What is a corporation?
The type of tax system the US currently has
What is a progressive tax system?