Economic Basics
What is the study of how a society distributes its goods and services?
What is Economics?
What type of incentive encourages you to do something because you like doing the right thing?
What is Moral Incentive?
What are the three key economic questions?
What, How, Who
What are: What goods should be produced? How should it be produced? Who will consume these goods and services?
What type of tax increases as income increases?
What is Progressive Tax?
What occurs when there are limited quantities of resources to meet unlimited needs or desires?
What is Scarcity?
Which incentive encourages behavior to increase social status?
What is Social Incentive?
In which economic system are questions answered by consumers and producers, with no true market system in the world?
What is Market Economy?
What is a tax that decreases as income increases called?
What is Regressive Tax?
What term describes the human workforce involved in producing goods and services?
What is Labor?
What type of incentive motivates you for a financial reward or to avoid financial problems?
What is Economic Incentive?
Which system is characterized by the central government answering economic questions?
What is Command Economy?
What type of tax remains constant regardless of income?
What is Flat (Proportional) Tax?
What is the most desirable alternative given up as a result of a decision?
What is Opportunity Cost?
What are unintended actions in response to an incentive other than the anticipated action called?
What are Unintended Consequences?
What type of economic system is identified by tradition and often has limited innovation?
What is Traditional Economy?
What type of spending does Congress legislate as "automatic spending"?
What is Mandatory Spending?
What type of incentive encourages you to behave in a certain way to avoid punishment or loss?
What is Coercive Incentive?
What is the term for the policies of the government regarding taxing and spending?
What is Fiscal Policy?
What is the economic system where the market determines prices and services, not the government?
What is Free Enterprise?
What are government services or benefits guaranteed to individuals seeking help under certain criteria called?
What are Entitlement Programs?